CPA's Compiliation Report
Please read this very carefully. It was included in the last year's 10-K filed 2/8/11:
Accountant’s Compilation Report
Board of Directors and Stockholders
Valcom, Inc.
We have compiled the accompanying consolidated balance sheets of Valcom, Inc. as of September 30, 2010, and the related consolidated statements of income, retained earnings, and cash flows for the year then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.
Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.
Labrozzi & Co., PA
Miami, Florida
February 7, 2011
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So the CPA firm's only job was to show Valcom how to take their information and put it into an Income Statement, Balance Sheet, and Cash Flows format. In fact it's likely the firm provide blank forms that just needed numbers to be inserted by the company.
With Valcom's track record of reporting, many of you are sure putting a lot of faith into numbers that no one really knows, maybe not even the company itself.
TP
