Replies to post #155311 on On4 Communications Inc (ONCI)

[Jimmy Quick]

I'm resting easy tonight, knowing this prediction is 100% inaccurate.

[DAYTRADER0000]

How do u know Steve is cooking the books if the books are unaudited and cant be trusted?

[QTRADERQ]

You are correct. An auditor would send out A/R confirmation(s) to a statistical sampling of customers. If customers were reporting different numbers which Steve could not reconcile. Then, the auditor would expand the sample because the level of inherent risk of fraud rose.

An auditor will quickly find out which is correct.

https://www.accountingtools.com/articles/what-is-an-accounts-receivable-confirmation.html

As always. JMO