Replies to post #3764 on International Building Technologies Group, Inc.(fk

[stju1970]

Everything is the same except more paperworks, and it depends on the size, and complexity of the company. For a small company like msep, it shouldn't take that long. (EOM)

[execution]

SoX (sarbanes oxley) sucks! SO much time is spent on testing controls, while we should be spending more time on substantive testing. As for MSEP, it could be easy b/c its a smaller company, then again it could be harder than big companies. If MSEP is fall under section 404 testing, you are looking at a whole lot of work that needs to be done by either the company or another CPA firm independent from the company. The documentation that has to be done on the client side and auditor side is rediculous. However, since we are just waiting on the 10Q, the CPA firm will only need to perform a review of the financials, therefore no supplying much assurance that everything is correct. Its when the company files their 10K that the CPA firm will do a full scale audit, that is what takes so long. After reading MSEP's 10K a while back, I dont remember seeing a 404 compliant opinion. Sarbanes Oxley has changed things for us, but its section 404 thats makes doing audits a real b!t@h!