The auditors are the reason why the company has not published financials.
It is valid. However, please remember that UDF is the culprit.
There are four types of audits reports. Only one will meet the requirements of the "settle up" parties - an Unqualified Opinion.
The Unqualified Opinion is issued when an auditor determines that each of the financial records provided by the company is free of any misrepresentations. In addition, an unqualified opinion indicates that the financial records have been maintained in accordance with the standards known as Generally Accepted Accounting Principles (GAAP).
Anything less and UDF is going to have issues in court with Bass/Hayman.
A Qualified Opinion is issued when a company’s financial records have not been maintained in accordance with GAAP but no misrepresentations are identified, an auditor will issue a qualified opinion. A qualified opinion, however, will include highlights to the reason why the audit report is not unqualified.
No, we as shareholders do not want to see any unfinished product.
An Adverse Opinion indicates that the firm’s financial records do not conform to GAAP. In addition, the financial records provided by the business have been grossly misrepresented. Although this may occur by error, it is often an indication of fraud. When this type of report is issued, a company must correct its financial statement and have it re-audited, as investors, lenders and other requesting parties will generally not accept it.
Totally unacceptable. However, this may be close to condition where the new firm started.
A Disclaimer of Opinion is rare. This occurs when the auditor is unable to complete an accurate audit report. This may occur for a variety of reasons, such as an absence of appropriate financial records. When this happens, the auditor issues a disclaimer of opinion, stating that an opinion of the firm’s financial status could not be determined.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
