I will try to answer quickly because I have work to do over here.
Yes I said I am confident I know what is going on here and stated why in my previous post.
I simply gave the 6 month timeline based on my EDUCATED guess/ Opinion. This Guess/Opinion was based upon SOME experience I have and also on SOME research I have done which I already explained. I even gave you some direction to check for yourself in my last post. There are MANY sites which explain the independent financial audit process in detail. I will ask you and others here to also please realize that the audit is not the only factor here which requires time and there is additional work to be completed to complete the financial statements.
You spoke of benchmarks, standards and companies of equivalent size which really has no relevancy in this matter. You also spoke of complexity which I feel is the real question here and the most relevant factor. Also considering a new CFO has to basically conduct his own audit and meet in the middle while handling other tasks. Any accounting expert will tell you that our answer lies within one question. How accurately were the books kept and how readily available is the supporting documentation which makes the numbers fact.
I am not privy to CDNL'S financial data as you ask. No one is as of right now except the CFO and other select people. I think there are considerable issues with the financials based on what I have experienced in life and read regarding this company. My fist clue was when the new CFO stated that the problems with payroll taxes have been rectified. Knowing what I know if you have a payroll company working for you payroll taxes are paid first. I use ADP (largest in country I think) and payroll taxes are paid first before checks are issued. I only have 17 full time employees. Point being this makes me question the management practices immediately
Coupled with my basic knowledge of accounting and what is involved I can see room for many errors to take place in this situation. I have made some of these mistakes myself. I just had my 2014 amended because of miscalculations concerning an acquisition and the depreciation surrounding it. That amendment took my accounting firm almost 6 weeks and it was really just one number which effects other numbers. I actually cheated myself out of money due to tax code ignorance. By the way the tax code is always changing.
Things to consider when viewing the F'ED UP scale. Gross Sales, Cash Back, Finance Charges, Insurance claims, Other income, Cost of sales and all CATEGORIES within, fees and interest charges, legal fees, Taxes including sales and use in PA, Federal if applicable (not here), state taxes (always applicable except in Delaware), Payroll (we know there was issue), depreciation, then you have the public company issues, shareholder equity etc., then you have details surrounding the newly formed joint venture which in my opinion is VERY MUDDY WATER. Many details. There are many things I missed as well. So the probability of mistakes being made by Kevin is very high. Therefore a 6 or 7 applies in my view/opinion.
F'ED UP Scale
1= Mistakes/Not So Much 10=Many mistakes/Incompetent
I could be completely wrong and Kevin could be an accounting natural. I was not. But learn from my mistakes.
Have a good one
