IMPORTANT - MUST READ This is all IMO based on
Post# of 12259
Posted On: 03/19/2015 8:31:41 PM
IMPORTANT - MUST READ
This is all IMO based on my professional acknowledged have worked for years in the public accounting industry....
If all comes together this is going to fly and Joel has a mission (reason for spending money)
People can bash but this is my opinion -
They will say CPA did FS currently posted - that's just how you look at.
Joel printed off Quickbooks Financials (Financials come from a Trial Balance) and gave to the accountant - this is whats called preliminary Trial Balance - the CPA will do an audit and have whats called adjusted journal entries (AJE's) that they think should be made based on Audit - 99% of the time the company will agree with. This will result in Audited Financial that the CPA will attach an opinion on and will be uploaded at some point...
Why was CPA out for visit - like Joel said he needed to test and get some information along with make sure the PPA (property Plant and Equipment Exist) how can he audit a building or equipment if he doesnt observe - (have you ever been in a retail store and see tags for inventory counts - thats the same)
One done if Joel disagrees or the CPA has issues it will be in the opinion or notes to the F/S - what Joel posted is the draft of the notes...
Joel will also sign whats called a Management letter at the end so we will want that - but in my opinion nothing is funny with this - get in early and dont jump put long term this looks HUGE - again IMO
$GO MNNGG - REALLY JOEL>>>>\\
This is all IMO based on my professional acknowledged have worked for years in the public accounting industry....
If all comes together this is going to fly and Joel has a mission (reason for spending money)
People can bash but this is my opinion -
They will say CPA did FS currently posted - that's just how you look at.
Joel printed off Quickbooks Financials (Financials come from a Trial Balance) and gave to the accountant - this is whats called preliminary Trial Balance - the CPA will do an audit and have whats called adjusted journal entries (AJE's) that they think should be made based on Audit - 99% of the time the company will agree with. This will result in Audited Financial that the CPA will attach an opinion on and will be uploaded at some point...
Why was CPA out for visit - like Joel said he needed to test and get some information along with make sure the PPA (property Plant and Equipment Exist) how can he audit a building or equipment if he doesnt observe - (have you ever been in a retail store and see tags for inventory counts - thats the same)
One done if Joel disagrees or the CPA has issues it will be in the opinion or notes to the F/S - what Joel posted is the draft of the notes...
Joel will also sign whats called a Management letter at the end so we will want that - but in my opinion nothing is funny with this - get in early and dont jump put long term this looks HUGE - again IMO
$GO MNNGG - REALLY JOEL>>>>\\
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