Coretec Group Inc (CRTG)

[Juststoppingby]

I think they're still doing the financial statement audit, and they might not have started that until the week of 11 or 18 of Mars.

Mar 20, 2024, 8-K
Exhibit 99.2
"Further, Core Optics' financial statements are currently being audited. The Company cannot publish financial information until the audit is complete and plans to do so when appropriate."

The duration of a financial statement audit can vary based on several factors. Let's delve into this:
1. Purpose of the Audit:
* A financial statement audit aims to provide assurance that a company's financial statements present a "true and fair" view of its financial performance and position.
* Stakeholders, including investors, rely on these audited financial statements to make informed economic decisions.
2. Typical Duration:
* an audit takes approximately 1 to 3 months to complete.(1)
* However, keep in mind that this timeline can fluctuate based on various considerations.
3. Factors Influencing Audit Duration:
* Company Size: Larger companies may require more extensive audit procedures, leading to a longer duration.
* Preparation: Adequate preparation by the company can expedite the audit process.
* Complexity: The complexity of financial transactions, reporting standards, and internal controls affects the audit timeline.
* Scope: The scope of the audit (e.g., financial statements only or including internal controls) impacts the duration.
* Industry: Certain industries have unique accounting practices that may affect audit complexity.
4. Audit Stages:
* Planning: Typically lasts around 4 weeks.
* Fieldwork: Involves detailed testing and analysis, lasting approximately 4 weeks.
* Compilation of Audit Report: The final stage, which also takes about 4 weeks.
Remember that these timeframes are approximate, and actual durations may vary based on specific circumstances. Ultimately, the auditor provides a professional opinion on the accuracy of the financial reporting at the end of the engagement(²).

Source: Conversation with Bing, 4/4/2024
(1) Best Practices for Your First Financial Audit - 8020 Consulting. https://8020consulting.com/best-practices-for-your-first-financial-audit/.
(2) How long will my audit take? | Risk Management & Audit Services. https://rmas.fad.harvard.edu/faq/how-long-will-my-audit-take.
(3) Audit - Overview, How It Works, Stages and Levels. https://corporatefinanceinstitute.com/resources/accounting/audit/.
(4) Understanding a financial statement audit - PwC. https://www.pwc.com/im/en/services/Assurance/pwc-understanding-financial-statement-audit.pdf.