Replies to post #225408 on Amfil Technologies Inc (FUNN)

[Plowmaster]

That was the story well before this extended period of waiting. I am uncertain of the performance of these systems put in place. Sure they've been reported, but are they producing a positive result?

The business continues to growth simultaneously with this audit process. So you need resources to handle BOTH backwards facing business to handle the audit AND folks to process all the new (and higher volume business) The new accounting department was created to upscale and handle the current and NEW business. While CFO squad and some portion of previous staff is used to manage the audit. Small growth companies only have so much resources to go around, always a balance in ramping up new scaled processes and staff while managing the fiscal ability to do so. (i.e. it is very important to hire the right amount of people at the right time)

So sure, one can question 'Will the new staff and upscaled system do what they were hired to do' but there is no reason to think the new accounting department would not do the job they were hired to do. This is why post the BACKWARDS facing audit for FY18 is complete, going FORWARD should be a much smoother process and to a regular schedule. Along with all the internal accounting functions they need to do: Inventory count cycles, quarterly closes, regulated documentation and tax documents, etc'

Time will tell on that one, but one could have the same exact question with any growing business. But in general, the accounting department is far far from the highest risk (as far as a shareholder is concerned) in any business.

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