Amfil Technologies Inc (FUNN)

[RMEG]

The inventory check so to speak is probably for the audit firm to review (audit) the reconciliation of the physical Inventory (PI) to the General Ledger Inventory balance as of 6/30/17 which was prepared by AMFE Accounting Dept. Generally with a company this size that review takes about a week.

Typically one takes a PI at the end of the accounting period , 6/30/17 in our case . The Audit team observes the PI to ensure the count is accurate and verifies the inventory exists. Subsequently a reconciliation is prepared reconciling the actual inventory on hand (PI) to the inventory balance in the General Ledger which basically reflects the balance or net of the inventory received and shipped, plus or minus any adjustments made during the accounting period under review.

I suspect the Audit report is completed waiting on the final review of the inventory and review by Management. After agreement on the Financials the audit firm issues it's certified opinion, the report is issued and AMFE is good to go......