Accounting and Controls
As previously announced, the Company has retained the services of LiveCA -- an accounting firm that specializes in high growth and start up companies in Toronto, Canada. LiveCA is currently handling cross-border accounting and in France for all Amfil entities. Concurrently, the company has hired a controller, who, in concert with LiveCA is working to establish and maintain key accounting principles. These efforts are expected to significantly reduce the time and resources required for all future audits and accounting matters. This team was hired during FYE 2018 so much of the accounting for the quarters was already completed. These changes contributed to another lengthy FYE 2018 audit. However, all parties have expressed confidence and comfort with the new systems and processes, and it is anticipated that future audits will be completed in a timely manner.
From today's update 2018 FYE Audit
Taking the accounting changes mentioned above into consideration, management would like to provide a brief update with regards to the finalization of the FYE 2018 audit. Since the beginning of last week, our auditors, RBSM, in concert with CFO Squad and our internal accounting department has had daily calls and will continue to do so until the remaining items are completed and finalized. These efforts have been very productive thus far, but due to the timelines previously announced but ultimately being extended, the company is refraining from providing an estimated completion date. However, based upon the comparison of the initial list of audit items compared to the few remaining audit items, as well as our knowledge from the prior years audit process, it is expected that this will be finalized in the very near future.
Thanks to the newly implemented processes with LiveCA, the first three 2019 quarterlies are for the most part completed. There is also some overlap with the FYE 2018 audit which will reduce the time required to complete the 2019 items. The Company aims to have the FYE 2019 audit submitted on time.
