9. M&A is an auditing firm registered with the PCAOB. M&A had only three public issuer audit clients in 2005; but by the end of 2008, the number had grown to approximately 300. A majority of M&A's public issuer audit clients are development stage or shell companies, although approximately 10% are operating companies with ongoing operations. M&A received approximately $3 million in fees from its issuer audit clients between 2005 and 2008.
Moore was M&A's only CPA from its formation in 2005 through December 2008, when it hired an individual with a CPA license but no recent auditing experience. Prior to forming M&A, Moore worked as an accountant or bookkeeper but had little or no auditing experience. Moore nevertheless supervised all audits, reviewed all audit workpapers, and signed all audit reports.
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