Sunday, August 13, 2017 1:47:45 PM
2) CPA's must comply with Generally Accepted Accounting Principles (GAAP), Public Company Accounting Oversight Board (PCAOB), Financial Accounting Standards Board (FASB) and Generally Accepted Auditing Standards (GAAS) when conducting SEC audits;
3) Accounting firms and CPA workpapers & compliance checklists are routinely audited by outside Peer-Review CPA firms. These Peer-Review firms are CPA firms who are engaged to audit other AICPA member firms to ensure compliance with the rules, regulations, code of conduct and standards of the AICPA & PCAOB.
4) CPA firms & CPA's are often sanctioned, disciplined & suspended for non-compliance with AICPA & PCAOB rules;
5) Accountants and other professionals are always easy targets for lawsuits. Lenders, shareholder's and other's "rely" on their unqualified audit opinion of the financials;
6) ALL OF THE ABOVE is why & how the accounting profession diligently self-regulates itself. The background bureaucracy (mentioned above) also contributes to the high cost of an audit (min $25k -$30k)
7) Accordingly, from the clients and shareholder's perspective it would appear slow, bureaucratic and cumbersome. I can assure you OMVS/RAD's auditors are under a lot pressure to get their end of the work done in a timely manner (or risk losing the client), while at the same time balancing the demands of compliance with GAAP, GAAS, PCAOB, FASB & AICPA requirements.
* Lastly, I'm confident the 8/31 merger completion date will be met. I believe the auditors were asked to provide a date they could comfortably meet.
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