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SUNW auditor failed inspection by PCAOB

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SandridgeEnergy   Monday, 03/20/17 02:37:46 AM
Re: None
Post # of 60282 
SUNW auditor failed inspection by PCAOB

See here:

https://pcaobus.org/Inspections/Reports/Documents/104-2016-071-Liggett-Webb.pdf


"Audited" 10-K coming out soon.


Here are some gems:

Quote:
The audit deficiencies that reached this level of significance are described
below–
A.1. Issuer A
the failure to perform sufficient procedures to test the valuation, and
evaluate the presentation and disclosure, of certain assets acquired and
liabilities assumed in a business combination, including using the work of
a specialist without performing procedures to test the accuracy and
completeness of data provided by the issuer to the specialist (AU 328,
paragraphs .26, .28, and .43; AU 336, paragraph .12).



Quote:
A.2. Issuer B
the failure to perform sufficient procedures to test revenue (AS No. 13,
paragraphs 8 and 13; AU 342, paragraph .11).



Maybe they fixed their problems since last year? Maybe that is why Nelson was claiming great revs right up to the point the auditors would have to check? Who knows. Stuff like this is kryptonite to smart money though, and retail obviously isn't gonna sustain this anymore.



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