Replies to post #16702 on Pilgrim Petroleum Corp. (PGPM)

[iambrok]

I am not hear to bash but need to be honest with anyone thanking of getting in . There are some good people on this board. GLTA

[awesomebummer]

Just to make sure...

...that "BULLOCH, DUPERTUIS, SEGER & COMPANY, P.C.,
CERTIFIED PUBLIC ACCOUNTANTS"...

didn't violate AICPA reporting standards, I will soon be requesting a review by AICPA of the above CPA firm's reporting of PGPM's financial statements.

This would be, in part, in relation to the following AICPA standards of conduct for members:

.02 102-1—Knowing misrepresentations in the preparation of financial statements or records.

A member shall be considered to have knowingly misrepresented facts in violation of rule 102 [ ET section 102.01] when he or she knowingly—

*Makes, or permits or directs another to make, materially false and misleading entries in an entity’s financial statements or records; or

*Fails to correct an entity’s financial statements or records that are materially false and misleading when he or she has the authority to record an entry; or

*Signs, or permits or directs another to sign, a document containing materially false and misleading information.

The CPA firm's financial report statements have tried to exempt themselves to the extent that the firm did not "audit" or "review" the financial information provided by management. This may also provide cover from the AICPA requirement for "independence/objectivity." So, these standards may not pertain.

But it is hard to believe this CPA firm did not know the property valuations provided (by an outside agent?) were not materially false or misleading. And some other similar matters, as well.