Plastic2Oil Inc (PTOI)

[dreaminbig]

An adverse opinion is rare and usually results when the accountant has not been able to convince the client to amend the financial statements so that they reflect the auditor's estimate about the outcome of future events or that they otherwise adhere to GAAP Just Hubristic-ish.


Speaking of Audits - Garbage in/ Garbage Out (pun intended)

www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm

Latest 10K

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 16, 2012 expressed an adverse opinion thereon

Adverse Opinion refers to an professional opinion made by an outside auditor that a company's financial statements as a whole are not in conformity with the generally accepted accounting practices of the United States or do not accurately reflect the company's financial position. The auditor must provide the reasons for the adverse opinion in the audit report. An adverse opinion is rare and usually results when the accountant has not been able to convince the client to amend the financial statements so that they reflect the auditor's estimate about the outcome of future events or that they otherwise adhere to GAAP

http://definitions.uslegal.com/a/adverse-audit-opinion/