Replies to post #121234 on Fortress Financial Group fka FFGO

[Shrinky Dynk]

yeah I wouldn't think the audit would take very long for Bouse and S. Copperstone not much there to audit we should hear something soon I would think....

[awesomebummer]

A good question.


As a former auditor, when FFGO announced this, I envisioned 3-4 weeks, IF some firm's auditors were available (re: first quarter reporting for clients!) and willing to take it right away. Not kidding! Because it sounded like the audit would involve several years; and those years, in turn, involved gobs of complex reconciliations. The external auditors will be looking at all the things Firelane wisely brought up: ownership/agency deeds, records with county/state agencies, etc. And there are many different parties involved, including FFGO's subsidiaries. All compounded by FFGO's historical reputation which would make any audit firm gun-shy.

The auditors will be helped by the 11/24/2009 8-K, but much work has to be ground floor.


'Bummer.