North West Oil Group, Inc. (NWOL)

[Lochan]

Even if NWOG was the auditing company's only client, it would be impossible for audited financials to be released just three days after the end of the fiscal year. First, there are closing entries that have to be entered. Accounts payable and receivable have to be determined as of year end. Long-term liabilities, credit line balances, depreciation of fixed assets, valuation and amortization of intangible assets, all have to be calculated. Then the auditing process begins, and generally, after all of the investigative work is complete, a supervisor will examine the "work product" before it is released with the auditor's comment. The whole process can take many weeks to complete once the quarter ends. How anyone could expect to see audited financial statements on April 3rd for the year ended March 31st is beyond me.