Even just accepting an engagement comes with a decent amount of work, and you would not have your name on a companies financial filings without a level of DD done to ensure that the company can pay you for one and is on the up and up.
The fact they allowed the company to state they reviewed the Q1 financials was a large step in showing how engaged Shinewing is, remember even for a SEC filer and small and big board companies alike, quarterly reports are not audited, they are reviewed.
Now just because it is a review doesn't mean no audit procedures are performed, bank statements are typically checked, revenues are validated and so forth. Not full blown procedures but key accounts and numbers are validated.
I think the audit has taken longer due to the remoteness of the operations and due to being private, record keeping was most likely not the best so they are having to recreate some things to be able to present them in the form the auditors need to review. They mentioned the quickbooks competitor accounting software in the latest PR which will allow the auditors to access the accounting system remotely to pull all of the numbers and figures they need instead of requesting the items. I had similar clients that were smaller that just gave us the auditors read access to the system to pull information as it made things faster than funneling all requests through one person who also had their own work to complete.
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