Cemtrex Inc (CETX)

[lucky2505]

Cemtrex has a new auditor; but this 2014 inspection of it by the Public Company Accounting Oversight Board (PCAOB) reveals that although Cemtrex auditors come and go, their sleaziness remains a constant.

In other words, in this audit, the auditor issued an opinion without satisfying its fundamental obligation to obtain reasonable assurance about whether the financial statements were free of material misstatement. The fact that the deficiency reaches this level of significance does not necessarily indicate that the financial statements are misstated. It is often not possible for the inspection team, based only on the information available from the auditor, to reach a conclusion on those points. Whether or not associated with a disclosed financial reporting misstatement, an auditor's failure to obtain the reasonable assurance that the auditor is required to obtain is a serious matter. It is a failure to accomplish the essential purpose of the audit, and it means that, based on the audit work performed, the audit opinion should not have been issued.

https://pcaobus.org/Inspections/Reports/Documents/2015_Haynie.pdf