Replies to post #174873 on Plastic2Oil Inc (PTOI)

[Toxic Avenger]

I read the opinion as, "We didn't find any fraud in the statements, but we don't believe there are internal controls to prevent such fraud, so if it later turns out there was fraud, you can't blame us".

For those that don't know, "internal controls" are the procedures used to ensure that everything in a company's accounting is on the up and up. If they're poor, then anything from fraud to theft is possible.

So while the opinion is better than the audit firm saying "We don't believe the results and will not certify them", it's far from a clean bill of health.