ScripsAmerica Inc. (SCRCQ)

[coolerheadsprevail]

Can anyone post a definition of "final phase" for us? The PR stated they had given the auditors everything they needed. Any clarification would be appreciated.

There is no such thing called a "final phase" of an audit.

This is simply SCRC's layman-talk for what they believe is the last piece of the puzzle.

But it is important to remember that when it comes to audits, there is no such thing as a slam dunk that can be predicted. Anything can happen.

So if the auditors are able to obtain both sufficient and satisfactory corroborative evidence, then this should be the last piece of the puzzle. HOWEVER, if something bad turns up or the auditors are unable to obtain the necessary corroborative evidence that they feel they need to sign off on a number, line item, account balance, financial statement, MD&A comment, or any other disclosure that may be the subject of this "final phase", then this will NOT be the "final phase" and additional procedures will again need to be performed -- either that or the auditors may simply conclude that SCRC's financial statements do not pass the audit and end up giving SCRC an "unclean" audit opinion/report to include in the 10K.