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No offense taken. I'm a retired CPA and

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QTRADERQ   Sunday, 08/13/17 01:47:45 PM
Re: SkyFullOfStars post# 21493
Post # of 41078 
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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