Inelco Corp. (fka INLC)

[C C]

ONTC.... intend to establish an audit committee during fiscal year 2011....audit opinion that might be rendered on our financial statements.

They want to bring all past/current info. onto future SEC fillings/finnancial statements

with current finnancial/SEC fillings and good revenues they could change to OTCBB listing......only speculation on my part

In connection with our appointment of Drake as our principal registered accounting firm at this time, we have not consulted Drake on any matter relating to the application of accounting principles to a specific transaction, either completed or contemplated, or the type of audit opinion that might be rendered on our financial statements. This Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this Annual Report on Form 10-K.


P-25
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(a) The new public accounting firm Randall N. Drake, CPA, P.A. has been engaged on December 5, 2010 to review and or audit our restated financial statements beginning with the quarterly report for period ended September 30, 2009.

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AUDIT COMMITTEE


Our Board of Directors has not established an audit committee. The respective role of an audit committee has been conducted by our Board of Directors. We intend to establish an audit committee during fiscal year 2011. When established, the audit committee's primary function will be to provide advice with respect to our financial matters and to assist our Board of Directors in fulfilling its oversight responsibilities regarding finance, accounting, and legal compliance. The audit committee's primary duties and responsibilities will be to: (i) serve as an independent and objective party to monitor our financial reporting process and internal control system; (ii) review and appraise the audit efforts of our independent accountants; (iii) evaluate our quarterly financial performance as well as its compliance with laws and regulations; (iv) oversee management's establishment and enforcement of financial policies and business practices; and (v) provide an open avenue of communication among the independent accountants, management and our Board of Directors





http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7876328-950-192339&type=sect&dcn=0001477932-11-000578



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