patchman,
re: "Certainly the first year should be done and could be filed as they must go in sequence right?"
It was my understanding that the SEC required 2008 to be re-audited due to the original audit having been certified by Drakeford prior to its inclusion for comparison purposes in the 2009 10K.
If that understanding is correct and an amended filing is required due to changes necessitated by findings from the re-audit, then a 2008 10K/A would be issued. However, should Robison determine that the 2008 10K was filed correctly, then no new filing would be required for 2008........the original 2008 numbers would be reflected in the 2009 10K. In the latter case, while you are right that "the first year should be done", that would not be formally established until the 2009 10K filing. In the former, the very problems with the audit (for example, accounts receivable confirmations requiring multiple attempts to contact customers) might be the same reason for the current delay.
Just as an FYI:
A/R confirmations are simple. Auditors send a letter to a sampling of customers at their on-file addresses, including a statement of account or showing their balance due as of a specific date with a place for a signature and a return envelope. Inevitably, and with all companies, some do not result in responses and others come back as "undeliverable as addressed". The "no responders" get a second letter and the undeliverables get researched for mistakes and address changes......then a second letter. There are no shortcuts to the process. While management might make a few calls to encourage customers to respond, no respectable auditor would accept a phone call from a customer in lieu of a written response. So the process can take a while........with international customers, a long while. As you might imagine, concluding the process can be a subjective exercise.
AI
