Grifco Inc (GFCI)

[cyofish]

Rusty, there is no Audit test to pass or fail. Understand what an Audit is. It is a review n opinion render by a qualified independent public Accounting firm to give an opinion as to the "fariness of the management's assertion" about it's financials and, to render an opinion on the effectiveness of the company's internal controls, the revelevance and completeness of the financial statements. The Auditor issues a one page Audit Statement giving their opinion if the company's financials is presented fairly according to GAAP (generally accepted accounting principles). Irregardless if the books are well kept or in shambles and the internal controls are effective or ineffective Auditor's job is to give an opinion as to the condition.

The whole purpose of the Audit is to protect the public interest. It doesn't matter who owned the company prior to Grifco or what the excuses are, there is absolutely no reason why an auditor can't give an opinion on Grifco.

Since JD had 2 audits done and refused to release the results, one can only speculate the Audit was bad. After all why else would he hide it.