Monday, April 02, 2012 2:58:58 PM
1. Receivables and payables can be 'confirmed'/tested.
2. Inventories can be tested and transactionslly verified.
3. Other accounts can be tested and valued.
The main problem here is when prior balances/amounts (can) affect subsequent balances/amounts, even though they don't affect the subsequent year's transactions/operations per se.
Where TDGI/HHSE have been affected with lacking proper prior year(s) carry-forward balances/amounts --- and assuming that such data will not be forth-coming (as it appears) --- then it behooves (possibly) accepting a "qualified opinion" on the audit as to those specific items, or even "no opinion", just to finally get "audited statements" published.
And such "audited statements" would have the most proper "guess-timates" as to those non-obtained numbers. The "guess-timates" being based on "purchase price" of the company, for EN-"sample".
Then, over time --- possibly two to three years --- the 'original' (but non-obtained) numbers become non-relevant and
actually work themselves into history such that at some point the auditors can then "certify" as to the "financial statements" with UN-"qualified opinions" since the company will have "proven" itself via its ON-"going" functions.
EP & Co. could be taking this approach --- as also acceptable to the audit firm.
AIMNSHO!!!
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