FrnkMD---I have done a copy and paste of part of your audit link-
---Permit me , if you will--
Audit Opinion Letter
An auditor issues an audit opinion letter after completing the audit process, and it is included with the audited financial statements. In this letter, the auditor reveals the financial statements reviewed and the audit method used. If there were no material errors in the financial statements, then the auditor will give an audit opinion that the financial statements represent a true and fair view of the company’s performance and position.
But, if there is deceit, lying or hiding of material fact and the auditors are not able to discover this, the auditors are protected by a properly worded OPINION LETTER. This is also why you get the best analytical auditing firm you can afford.
The CEO of GETC (Geotec) lied about an asset transaction that materially affected, by overstating, the value of the company ----assets ( real estate with coal) that he had claimed title and that he sold to the company for 500 Mil shares of the company's stock---The GETC financial statement was audited and signed by the CEO, President & CFO and given to the SEC----as a fair and true value of the company.
BUT___
The SEC also can audit , and they can investigate claims of asset ownership,, and they do when they have cause "cause"... As in a properly filed complaint..... or a past history that the SEC is aware.
Our CEO knew that he did not have clear title and the SEC discovered this and filed lawsuits and CRIMINAL CHARGES. --
My point is,, audited financials can't cover blatant dishonesty---The CEO had gotten away with his deceit for several unaudited financial statements,, but, when you sign your name to an audited statement , claiming that it is all true and give it to the SEC----and get caught , it sends you to jail, but the investors get screwed----and we did.
