Sulja Bros. Building Supplies, Ltd (SLJB)

[WardOffMonkey]

One thing about the example Stock H.O.G. posted is it's not a public company and there is no MD&A(Management Discussion and Analysis) included. I agreed with HOG that the issue probably wouldn't be with the cover letter, but it could be with the MD&A. The MD&A is supposed to present facts only with no editorializing, but depending on how the data in the MD&A is presented, you can lead readers in one way or another. Petar may have been concerned with some of the presentation in the MD&A and wishes to rework it to present the same facts but in a slightly different light. The MD&A is supposed to be written by management, but many times, at least with smaller companies, management doesn't have the expertise to write a comprehensive and comprehensible MD&A so the auditors could have a large hand in it.