Excellent post and very true. The audit firm is top notch and from the press release yesterday, the financials have already been prepared now being audited. It's all coming together very quickly.
By the way, there's some nice testimonials on the audit firms website of very large prominent clients...
WOW! thanks for clarifying. It becomes more and more obvious we have a great company here. The second it starts to climb the more desperation you can see coming from the bashers. Then they call their friends to help, amazing! I believe they are in way over their heads here. Golden opportunity!
Strukture "Firm Data and Audits Selected for Review Year 2023 * Total issuer audit clients in which the firm was the principal auditor 21 Files audited Audits with Part I.A deficiencies 2 Files" This is very good in my book.
The PCAOB pulled two out of 21 files and they had major deficiencies including potential fraud! Following the PCAOB standards they picked the two most likely to contain material misstatements Also anyone can look up the firm and see they have had ongoing issues with every PCAOB audit. Anyone can read the full report from the link below and see for themselves. Total audits reviewed 2
Audits with Multiple Deficiencies Issuer A – Health Care Type of audit and related area affected In our review, we identified deficiencies in the financial statement audit related to a Business Combination, for which the firm identified a significant risk. Description of the deficiencies identified During the year, the issuer acquired a business and engaged a valuation specialist to determine the fair value of the acquired intangible assets. The firm’s approach for substantively testing the fair value of acquired intangible assets was to test the issuer’s process, and the firm used an auditor-engaged specialist to evaluate the significant assumptions the company’s specialist used. The firm did not sufficiently evaluate the reasonableness of the significant assumptions because it did not identify that the auditor-engaged specialist did not (1) perform procedures, beyond inquiry of the company’s specialist, to evaluate the reasonableness of the significant assumptions that were developed by the issuer and the company’s specialist and (2) evaluate the relevance and reliability of the external data that the company’s specialist used to develop certain assumptions. (AS 1105.A8a and .A8b; AS 1210.09 and .12; AS 2501.16)
Issuer B Type of audit and related area affected In our review, we identified deficiencies in the financial statement audit related to Revenue, for which the firm identified a fraud risk. Description of the deficiencies identified The firm did not identify and evaluate departures from GAAP related to the issuer’s omission of certain disclosures related to revenue required by FASB ASC Topic 606, Revenue from Contracts with Customers. (AS 2810.30 and .31) The firm did not evaluate the accuracy of the issuer’s disclosure regarding the timing of when certain revenue was recognized, including consideration of contrary evidence included in the firm’s audit work papers. (AS 2301.08 and .13; AS 2810.03) In addition, the firm did not evaluate whether a promised good related to this revenue was a separate performance obligation. (AS 2301.08 and .13)
2023 Inspection Approach In selecting issuer audits for review, we use a risk-based method of selection. We make selections based on (1) our internal evaluation of audits we believe have a heightened risk of material misstatement, including those with challenging audit areas, and (2) other risk-based characteristics, including issuer and firm considerations. In certain situations, we may select all of the firm’s issuer audits for review. When we review an audit, we do not review every aspect of the audit. Rather, we generally focus our attention on audit areas we believe to be of greater complexity, areas of greater significance or with a heightened risk of material misstatement to the issuer’s financial statements, and areas of recurring deficiencies. We may also select some audit areas for review in a manner designed to incorporate unpredictability. Our selection of audits for review does not necessarily constitute a representative sample of the firm’s total population of issuer audits. Additionally, our inspection findings are specific to the particular portions of the issuer audits reviewed. They are not an assessment of all of the firm’s audit work or of all of the audit procedures performed for the audits reviewed. View the details on the scope of our inspections and our inspections procedures.
The following information provides an overview of our 2023 inspection as well as data from the previous inspection. We use a risk-based method to select audits for review and to identify areas on which we focus our review. Because our inspection process evolves over time, it can, and often does, focus on a different mix of audits and audit areas from inspection to inspection and firm to firm. Further, a firm’s business, the applicable auditing standards, or other factors can change from the time of one inspection to the next. As a result of these variations, we caution that our inspection results are not necessarily comparable over time or among firms.
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