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No offense taken. I'm a retired CPA and

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Notification That Quarterly Report Will Be Submitted Late (nt 10-q) "Edgar (US Regulatory)" - 10/16/2017 2:30:29 PM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 10/16/2017 1:56:20 PM
Vita Mobile Systems (OTC Pink: GMUI), Final Phase Prior to Beta Launch of VITA "InvestorsHub NewsWire" - 10/16/2017 6:42:43 AM
Robotic Assistance Devices enters into contract with Allied Universal Security Services "New Media Wire" - 10/13/2017 4:25:59 PM
Robotic Assistance Devices Prepares Two Robots For Deployment "New Media Wire" - 10/4/2017 9:17:29 AM
Robotic Assistance Devices Partners With Large Dealer Network To Deliver Security Guard Robots "New Media Wire" - 9/21/2017 9:19:41 AM
Robotic Assistance Devices Hires Security Veteran Mark McCourt "New Media Wire" - 9/19/2017 9:09:46 AM
RAD Gives Guidance For 2017 And 2018 "New Media Wire" - 9/14/2017 9:07:44 AM
Current Report Filing (8-k) "Edgar (US Regulatory)" - 8/31/2017 9:01:32 AM
OMVS Announces Completion of Robotic Assistance Devices Acquisition "New Media Wire" - 8/31/2017 8:45:16 AM
Robotic Assistance Devices Announces Strategic Partnership With Romeo Power Will Deploy Two Robots "New Media Wire" - 8/25/2017 9:12:33 AM
Corix Biosciences, Inc. (OTCQB: CXBS) - GW Pharmaceuticals (NASDAQ: GWPH) Should Acquire this Company. "InvestorsHub NewsWire" - 8/16/2017 7:32:38 AM
Statement of Ownership (sc 13g) "Edgar (US Regulatory)" - 8/11/2017 4:09:02 PM
Robotic Assistance Devices Signs Distribution Agreement With Major North American Security Distributor "New Media Wire" - 8/10/2017 9:15:08 AM
Robotic Assistance Devices Signs New Distributors - Increases Robot Reservations to 62 "New Media Wire" - 8/7/2017 9:32:28 AM
Robotic Assistance Devices Increases Robot Reservations "New Media Wire" - 7/26/2017 9:11:09 AM
Amended Quarterly Report (10-q/a) "Edgar (US Regulatory)" - 7/25/2017 3:41:51 PM
Statement of Ownership (sc 13g) "Edgar (US Regulatory)" - 7/25/2017 1:51:48 PM
Quarterly Report (10-q) "Edgar (US Regulatory)" - 7/24/2017 5:07:42 PM
Robotic Assistance Devices Prepares to Deploy Robot At Major North American Utility "New Media Wire" - 7/24/2017 9:24:17 AM
Notification That Quarterly Report Will Be Submitted Late (nt 10-q) "Edgar (US Regulatory)" - 7/17/2017 4:32:59 PM
Robotic Assistance Devices Doubles Robot Reservations "New Media Wire" - 7/13/2017 9:55:43 AM
OMVS Successfully Completes Due Diligence Of Robotic Assistance Devices "New Media Wire" - 7/6/2017 9:12:26 AM
Signed agreement for POC with major North American Utility "InvestorsHub NewsWire" - 6/22/2017 9:39:18 AM
Amended Annual Report (10-k/a) "Edgar (US Regulatory)" - 6/19/2017 1:55:56 PM
QTRADERQ   Sunday, 08/13/17 01:47:45 PM
Re: SkyFullOfStars post# 21493
Post # of 36336 
No offense taken. I'm a retired CPA and just want to interject and provide some color on the "red tape" of accountants and the accounting profession.
Quote:
keep in mind we are a rare OTC SEC filer AND audited.. anyone who knows anything about these auditors knows how much power they have and the delays they cause with their red tape

1) CPA's are self-regulated by the American Institute of CPA's (AICPA); They are not regulated by the SEC;

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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