"The real cost is going to be in a competent cpa o
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Posted On: 09/15/2017 6:42:28 PM
"The real cost is going to be in a competent cpa or Veal, who can have the last 8 qs acurate/legitimately done. This too will be very time consuming, if hjoe has not been on top of this."
That was the main point of my previous post. If the company already has engaged an auditor and has been working on the reviews and audits of the prior periods, then that would put them in great shape (cash outlay and timing standpoints).
But if they haven't, then I think it's wise for us to properly set our expectations. They paid their auditors $61K for the 2012 audit (and quarterly reviews). That firm was GHP Horwath, who later became CroweHorwath. I point out the firm, because Crowe is a very good, reputable firm. So that's a pretty good fee estimate.
The company needs to file 2014, 2015, 2016 and pretty soon, 2017 K's. So that's at least $240k, although that doesn't account for fee increases since 2013 (i.e. Like all professional services, audit fees have increased since then), international activity and the complexity of accounting for convertible debt agreements (I'm a CPA with a national firm and have been auditing public companies for over 15 years). So, this is definitely a cost that needs to be planned for and saved for.
In my opinion, I fully believe they will be back. But I'm just tempering my enthusiasm for what might be more realistic, given the cost and the time required to audit that many years.
Keeping the faith.
That was the main point of my previous post. If the company already has engaged an auditor and has been working on the reviews and audits of the prior periods, then that would put them in great shape (cash outlay and timing standpoints).
But if they haven't, then I think it's wise for us to properly set our expectations. They paid their auditors $61K for the 2012 audit (and quarterly reviews). That firm was GHP Horwath, who later became CroweHorwath. I point out the firm, because Crowe is a very good, reputable firm. So that's a pretty good fee estimate.
The company needs to file 2014, 2015, 2016 and pretty soon, 2017 K's. So that's at least $240k, although that doesn't account for fee increases since 2013 (i.e. Like all professional services, audit fees have increased since then), international activity and the complexity of accounting for convertible debt agreements (I'm a CPA with a national firm and have been auditing public companies for over 15 years). So, this is definitely a cost that needs to be planned for and saved for.
In my opinion, I fully believe they will be back. But I'm just tempering my enthusiasm for what might be more realistic, given the cost and the time required to audit that many years.
Keeping the faith.
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