sur·rep·ti·tious (sûrp-tshs)
adj.
Obtained, done, or made by clandestine or stealthy means.
Acting with or marked by stealth. See Synonyms at secret.
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[Middle English from Latin surreptcius, from surreptus, past participle of surripere, to take away secretly: sub-, secretly; see sub- + rapere, to seize; see rep- in Indo-European Roots.]
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surrep·titious·ly adv.
surrep·titious·ness n.
dictionary.com
OK, maybe I'm now jaded w/r/t Vari-L, but
Emphasis Added Below.
DENVER, Dec. 15 /PRNewswire/ -- Vari-L Company, Inc. (OTC: VARL - news), a leading provider of advanced components for the wireless telecommunications industry, today announced it has been advised by Nasdaq that its stock will not be relisted on the Nasdaq National Market in the immediate future. The stock had been delisted on September 7 due in part to Vari-L's lack of audited financial statements; Vari-L had appealed the delisting.
biz.yahoo.com
Gee, what are the other reason[s] for the delisting?
And another:Vari-L also announced that KPMG LLP, its independent auditor, has informed the Company it will not be able to express unqualified audit opinions for periods prior to June 30, 2000. The decision, which was made following many months of efforts by KPMG and Vari-L management, is based on KPMG's determination that the internal controls over inventory accounting and management systems prior to June 30, 2000, were not sufficiently reliable to enable KPMG to audit the Company's inventory quantities.
For those of you with limited accounting experience, there are other levels of opinions, including "qualified" and "no opinion" or "disclaimer" -- just what level of opinion is KPMG willing to give?
From: AU Section 508: Reports on Audited Financial Statements
Departures from Unqualified Opinions
.31 If the auditor is unable to obtain sufficient evidential matter to support management's assertions about the nature of a matter involving an uncertainty and its presentation or disclosure in the financial statements, the auditor should consider the need to express a qualified opinion or to disclaim an opinion because of a scope limitation. A qualification or disclaimer of opinion because of a scope limitation is appropriate if sufficient evidential matter related to an uncertainty does or did exist but was not available to the auditor for reasons such as management's record retention policies or a restriction imposed by management. [Paragraph added, effective for reports issued or reissued on or after February 29, 1996, by Statement on Auditing Standards No. 79.] |
