Thursday, May 23, 2013 2:34:24 PM
As an internal auditor....
I must share the following:
First and foremost it takes lots of time and is not cheap.
Considering they have only really published 2010 year end unaudited information the auditors have a lot of work before they sign off on anything.
They need to go back in time and verify everything. Everything means looking at detailed transaction history, touching every asset on the books and verify everything possible (I.e. share structure, asset disposition, sales....everything!).
They first need to establish a base to work with and that can be and likely could mean unwinding everything since inception.
They need to verify 2010 fins, create 2011 and then 2012.
It takes a long time!
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