Koil Energy Solutions Inc. (KLNG)

[JoeSmith]

Soyelpato, A question and an answer in your email from Steve Haag is posted below (link back)

Q.
Per the 10KSB/A, filed 8/8/08: "In response to the further growth of the business, management hired a corporate controller in January 2008. He is responsible for the coordination and integration of the accounting activities of each of our current and future subsidiary operations. With his relevant experience with the policies and procedures for compliance with regulations promulgated by Sarbanes-Oxley, our goal is to reach full compliance during 2008." For what quarter can investors expect financials that meet this stringent standard?

A.
The new rules for compliance and internal controls have been given a phase in period by the SEC. Company's such as ours must have testable procedures for its internal controls, and other accounting activities per this recent SEC rule, and our 10-K for 2008 must describe our success at developing these procedures, and will be commented on by our accountants. So, likely you won't find this as something that will be "completed" in a certain quarter; but, rather as a developed, verifiable, and tested policy in the 2008 10-K, and reviewed by our accountants.
end quoted text


I noticed Deep Down is listed as having paid up their portion of the fees charged by the PCAOB. I am not sure what this means exactly, but I suspect it is part of becoming compliant with the Sarbanes-Oxley Act. Maybe someone here will have some insights to this PCAOB listing.

"The Public Company Accounting Oversight Board is a private, nonprofit organization established by
Congress to oversee the auditors of public companies.
The PCAOB/b] was created to protect investors and the public interest by promoting informative, fair, and
independent audit reports.
The Board began operations in 2003, not long after passage of its chartering legislation, the Sarbanes-
Oxley Act of 2002
The Sarbanes-Oxley Act required that auditors of U.S. public companies be subject to external and
independent oversight for the first time in history. Previously, the profession was self-regulated."
http://www.pcaobus.org/About_the_PCAOB/PCAOB_Overview.pdf

List of Issuers with No Outstanding
Past-Due Share of the Accounting Support Fee
Confirmation under PCAOB Rule 7103(b)
As of August 27, 2008

Deckers Outdoor Corp
DECOMA INTL INC -CL A
DECORATOR INDUSTRIES
INC
Decorize Inc
Deep Down Inc
DEEP WELL OIL & GAS INC
Deere & Co
Deerfield Capital Corp
http://www.pcaobus.org/Support_Fees/Issuers_Paid.pdf