Replies to post #9552 on GSI Securitization, Inc. (fka GSII)

[ragsisme]

When you have an accountant do your taxes do you just throw all your tax information to him/her haphazardly or do you put it in some logical order so that they can do their job efficiently? In the case of a business, I would guess that much could be put into spreadsheets and databases to make the accountants work more easily completed (as well as audited). I would hate an accountant's invoice if I did the former. Still, I do wonder why a poster on this board has been tagged to do this job. That's a head scratcher but I hope that jersey is qualified and that we are lucky for it. If so, I am grateful to him. I expect Gil will sign off on this before it goes to the accountants. No way that he will not be held accountable for this lapse in judgement nor do I suspect that he would duck this responsibility for letting this happen. However, this is another hope in a growing list of them.

[jerseyboy]

I am serving as the company's basic accountant, who records all the basic transactional data into the Quickbooks system in order to generate basic financial statements and records. The accountant to whom I am forwarding them then creates a full set of financials complete with all footnotes and disclosures required by GAAP and the SEC. That then goes to the auditors, who perform an audit based on GAAS (generally accepted auditing standards) and the Sarbanes-Oxley requirements. Those audited statements then go to the attorney, who will have prepared the other elements of the 10-K filing and will then insert the statements into the filing and file it with the SEC.