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Thursday, January 21, 2016 10:51:07 PM
As usual, your logic is compelling. But I am still reserved about any actual new auditor signing off on anything SCRC presents to them.
LOL, all I am referring to is the fact that the new auditors have been engaged; I never said that the new auditors would sign off on the financials SCRC gave them to audit!
Most likely, some level of adjustments and re-statements will be required. If SCRC mgmt does not agree to them, then the new auditors would resign and SCRC would have to file another 8K disclosing the departure.
Only a desperate CPA firm would be willing to "sell its opinion" by caving in to a client's demands simply in order to not lose a paying client. Let's hope the new auditor is not of this ilk.
SCRC desperately needs the market to see numbers worth speculating in -- and to have confidence in the accuracy and legitimacy of the numbers.
Of course, I am still curious as to how a CPA firm that is not licensed in the state where SCRC is domiciled is able to even sign off on any audit opinion to begin with...
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