Not so. I bought quite a few resource Canadian stocks and the like that were priced in pennies. Sure, they told me about the risks, but I insisted. And made money. But I never recall asking about audited financials or being told they were not.
I just asked my cousin, who is a registered broker and financial advisor:
"I think the average investor assumes that a publicly traded company has audited financials."
In these days of buying stocks online I seriously doubt the issue comes up that often. I don't recall E-Trade or Scottrade saying anything about it when I bought Virtra stock.
Andy
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