Replies to post #287676 on Amfil Technologies Inc (FUNN)

[rushmann]

What's that say about Roger who chose them?? Sounds like just another poor decision in a long line of them.

FUNN

[grtnative]

RBSM....Biggest P.O.S. Auditing Firm in the whole Fricking world.

AMFE management hired RBSM knowingly.

Due diligence information is in the public record. You get what you pay for...

We do not know if these test cases were AMFE or not.

https://pcaobus.org/Inspections/Reports/Pages/default.aspx#k=rbsm

Nov 19, 2018

The audit deficiencies that reached this level of significance are described below– A.1.

Issuer A
(1) the failure to identify, or to address appropriately, two departures from GAAP, both of which appeared to the inspection team to be material, which related to the accounting for a lease transaction and the omission from the financial statements of certain disclosures related to leases (AS 2810.30 and .31); and
(2) the failure to perform procedures to test the consolidation of certain entities (AS 2810.30 and .31). A.2.

Issuer B
(1) the failure, in an audit of ICFR, to evaluate sufficiently the severity of identified control deficiencies (AS 2201.62); and
(2) the failure, in an audit of ICFR, to test the design effectiveness of controls over revenue (AS 2201.42 and .43). A.3.

Issuer C the failure to perform sufficient procedures to test revenue (AS 1105.27; AS 2301.08 and .13; and AS 2810.30 and .31). A.4. Issuer

D the failure to perform sufficient procedures to test the occurrence and valuation of revenue, including the inadequate performance of substantive analytical procedures (AS 1105.10; AS 2301.08 and .13; AS 2305.13, .14, .17, and .20). A.5. Issuer

E the failure to perform sufficient procedures to test the occurrence and valuation of revenue, including the inadequate performance of substantive analytical procedures (AS 1105.27; AS 2301.08 and .13; AS 2305.13, .14, .17, and .20). A.6. Issuer

F the failure to perform sufficient procedures to evaluate goodwill for impairment, including the inadequate performance of procedures related to using the work of a specialist (AS 1210.12; AS 2501.04; AS 2502.26 and .28; AS 2810.03).

Oct 27, 2016

The audit deficiencies that reached this level of significance are describedbelow–A.1.

Issuer A
(1)the failure to perform sufficient procedures to test the occurrenceand valuation of revenue, including the use of sampling with aninadequate sample size developed without consideration of appropriatefactors (AS No. 13, paragraphs 8 and 13; AU 350, paragraphs .23 and.23A);
(2)the failure to perform any procedures to test the existence ofaccounts receivable (AS No. 13, paragraphs 8 and 13); and(3)the failure to perform sufficient procedures to test the allowance forbad debts (AU 342, paragraph .11).A.2.

Issuer B the failure to perform sufficient procedures to evaluate whether goodwill was impaired (AU 328, paragraphs .26 and .28; AU 336, paragraph .12).A.3.

Issuer C
the failure to perform sufficient procedures to test the existence,completeness, and valuation of assets acquired and liabilities assumed inbusiness combinations (AS No. 13, paragraph 8; AU 328, paragraphs .03,.15, .26, and .28; AU 336, paragraph .12).