Early indications were KMG was looking to audit fi
Post# of 8054
Posted On: 08/06/2013 3:26:10 PM
Early indications were KMG was looking to audit financials as part of the prospectus sec reg statement blitzkrieg of info we would receive 2-4 weeks before the record date.
IF IF IF thats what they are doing I can see why it would take longer. All of these companies that I've seen optimistically estimate much shorter periods of time for audited -and for even unaudited- than it almost always requires.
Auditors are like detectives but without the authority of the state behind them. Auditors confirm figures from suppliers etc via letters to the same asking for info. But in this "me me me and only me" new reality, since auditors dont have the benefit of a search warrant, the suppliers etc may often ignore a 1st letter for info-so auditors may send a 2nd or 3rd letter-in some cases this part of the verification process can take months.
And of course Geo most likely would not coperate re any info they might need from Geo-hopefully they wont need anything from Geo because the last dealings we know of from PR's and the legal cases etc was re the 2nd ship Loreto which departed for China ca Aug 7, 2011.
We know now from CWRN's complaint CWRN couldnt do audited because its JV partner was allegedly commingling and or withholding millions in receipts-and from the legal-see CWRN's complaint- it seems the JV fell apart Aug 2011. So now that we are approaching 2 years free of JVA accounting dealings its possible to do audited.
Anyway, auditing is a painful slow process.
2 years audited are necessary for uplisting to OTCBB.
IF they get tired of any auditing delay in the process they may just start w unaudited,but its not unusual to have some minor discrepancies between the two,so if their near term goal is to have audited they would prefer to have audited rather than have to restate w any minor discrepancies the auditing process might deliver. Theres been a lot of legal activity in the case between Geo and CWRN lately and so accountants/auditors would have to note the possible financial ramifications of the terminus of the legal-from which CWRN should have a net positive outcome if theres any justice.
IF IF IF thats what they are doing I can see why it would take longer. All of these companies that I've seen optimistically estimate much shorter periods of time for audited -and for even unaudited- than it almost always requires.
Auditors are like detectives but without the authority of the state behind them. Auditors confirm figures from suppliers etc via letters to the same asking for info. But in this "me me me and only me" new reality, since auditors dont have the benefit of a search warrant, the suppliers etc may often ignore a 1st letter for info-so auditors may send a 2nd or 3rd letter-in some cases this part of the verification process can take months.
And of course Geo most likely would not coperate re any info they might need from Geo-hopefully they wont need anything from Geo because the last dealings we know of from PR's and the legal cases etc was re the 2nd ship Loreto which departed for China ca Aug 7, 2011.
We know now from CWRN's complaint CWRN couldnt do audited because its JV partner was allegedly commingling and or withholding millions in receipts-and from the legal-see CWRN's complaint- it seems the JV fell apart Aug 2011. So now that we are approaching 2 years free of JVA accounting dealings its possible to do audited.
Anyway, auditing is a painful slow process.
2 years audited are necessary for uplisting to OTCBB.
IF they get tired of any auditing delay in the process they may just start w unaudited,but its not unusual to have some minor discrepancies between the two,so if their near term goal is to have audited they would prefer to have audited rather than have to restate w any minor discrepancies the auditing process might deliver. Theres been a lot of legal activity in the case between Geo and CWRN lately and so accountants/auditors would have to note the possible financial ramifications of the terminus of the legal-from which CWRN should have a net positive outcome if theres any justice.
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