For small companies, audits only validate the financial statements made by management team. Only in the notes will they mention binding contracts with a financial implication if they are material. I have seen an audited pink sheet saying they had a billion in receivables yet it could not be validated by another party. The auditor was disciplined.
The problem is that in the internet age everyone expects everything to be instant.
Folks need to remember in the real world the kind of things that the company is working on take a long time to go through systematically and methodically.
Having a finance background myself at the ground level working with a large organisation covering several cost centres , that working on a full audit to the standard that a CPA would be happy to sign off on is truly a Herculean task.
Believe me, having had to work on a huge financial reconciliation project just before I left my last job where I reconciled three years of accounting entries covering three sheets of A3 paper - it’s not easy to get everything right first time!
Having had to work to that standard I know how hard it is.
Much respect to the company for taking on this huge task.
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