NanoTech Entertainment Inc (NTEK)

[nuubie]

UH OH! PCAOB Inspection Team said audit deficiencies with Sadler Gibb:

The inspection team identified what it considered to be audit deficiencies. The deficiencies included failures by the Firm to perform, or to perform sufficiently, certain necessary audit procedures

The deficiencies identified in one of the audits reviewed included a deficiency of such significance that it appeared to the inspection team that the Firm, at the time it issued its audit report, had not obtained sufficient competent evidential matter to support its opinion on the issuer's financial statements. That deficiency was –

the failure to perform sufficient audit procedures to test revenues and bad debt expense.

http://pcaobus.org/inspections/reports/documents/2012_Sadler_Gibb_2010.pdf

Hmmm, if Sadler ever audits NTEK, a copy will definitely be forwarded to the PCAOB for review.