As reported here at least once, the numbers for the audit for the year ending 7/31/98 were to Canadian standards but in US dollars.
We have been told by management (Don Cameron at the last AGM), that there would not be a significant difference if this were done to US GAAP standards, though I cannot vouch for this myself.
(I would add here that I have heard the phrase "Canadian GAAP" used in some context somewhere, but I do not know whether there is indeed a "GAAP" for Canada. But that is why I am being careful to specify "US GAAP" in the current case.)
The new auditors which were approved at the last AGM are a US firm, a division of the Big Five firm Pannel Kerr Foster (spelling?). They have been working on the necessary tweaks to last year's audit to bring it into conformance with U.S. GAAP so that, among other things, realistic year-to-year comparisons may be made during the audit now in progress.
That audit now in progress will, then, be to U.S. GAAP and will be in US dollars. I would guess that it should be just about done by now. Last time I checked, they were at the "confirmation letter" stage. Once the draft audit is completed, it will be submitted to TSIS's Audit Committee, which is formally established and is composed of the two outside directors. Once they have sighted it and have resolved any issues with the auditors, the audit will be signed and ready for release.
And, we are told, it will be submitted to the SEC as part of the company's initial filing (Form 10 or whatever) virtually immediately. I believe that submission to the SEC ... though not necessarily approval/acceptance by the SEC ... is planned to occur before the AGM.
As to what constitutes "fully audited", I guess that I will stick with the accepted dictionary definition and let you elect to operate on the basis of your personal, more stringent, definition. And I, for one, certainly will continue to make the point from time to time, to keep the record clear for any newcomers, when it appears that a non-standard definition is being used. (Hope that was diplomatic enough?)
Happy Due Diligence.
JSb |
