Fructi has been know to not properly follow PCAOB standards. The PCAOB reports found ongoing issues with the proper handleing of assets.
Will we see something like this soon?
We have specifically addressed the matters described in the Report relating to procedures to evaluate the departure from GAAP that appeared to the inspection team to be material. As a result of these additional audit procedures and research performed, new facts came to our attention that caused us to believe that our previously issued Report of Registered Independent Public Accounting Firm should be withdrawn or that our work, as originally documented and performed, was inconsistent with the conclusions reached. The Issuer A complied in withdrawing and amending its financial reports to correct the departure from GAAP.
The firm did not perform procedures, beyond inquiry of management, to evaluate whether the issuer identified and properly recorded all assets acquired, including patent applications, trade names, trademarks, and service marks held by the acquired entity, as identifiable intangible assets in accordance with FASB ASC Topic 805, Business Combinations. (AS 2301.08)
the firm did not perform sufficient procedures to test the completeness of inventory
The firm did not perform procedures, beyond inquiry of management, to evaluate whether the issuer identified and properly recorded all assets acquired,
A.1. Issuer A the Firm's failure to identify, or to address appropriately, a departure from GAAP that appeared to the inspection team to be material, which related to the accounting for acquired assets (AS No. 14, paragraph 30).
Market Data 
Markets 
AI
