First of all, auditors do not approve financial statements. They give an opinion based on appropriate and sufficient evidence. If you’ve ever read an auditors report you will get the idea that they do not take responsibility for the financial statements by asserting that the financial statements are managements responsibility and they are only expressing an opinion based on their audit that the financial statements are presented fairly in all material respects. An audit opinion helps one to understand a specified level of work that was performed but not a specified level of accuracy. Ever wondered what’s material? This is not to say you can’t trust audited financial statements - I don’t mean that at all. It’s just they aren’t end all be all and the audit firms certainly aren’t the deciders. OTC is not looking for a set of audited financial statements to remove the shell risk desig. Per OTC: “The Shell Risk designation indicates that a company displays characteristics common to Shell Companies. This designation is made at OTC Markets’ sole and absolute discretion based on an analysis of the company’s annual financial data and may differ from issuers’ self-reported shell classifications in their own public filings.”
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