IGTG: fires whistleblower auditor?
You be the judge. Auditor questions financial controls at IGTG. Resigns. Now posters "in the know" (longs) slinging mud his way.
By: stockmasterflash
25 Mar 2007, 11:22 AM EDT
Msg. 26216 of 26221
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Ingen's auditor uncomfortable with Ingen's financial controls
But now he's gone. ROTFL
sec.gov
February 19, 2007
Mr. Scott Sand, CEO
Ingen Technologies, Inc.
35193 Avenue A, Suite C
Yucaipa, CA 92399
Dear Mr. Sand:
Spector & Wong, LLP requests that Ingen take immediate steps to find another
qualified member of PCAOB to review its interim filings, commencing with
November 30, 2006.
We will cooperate with the transfer of requested documentation to the new firm.
We wish Ingen and its management every success in the future. Our impressions of
the accounting functions, controls, and procedures are not the cause of our
ending the auditor-client relationship. Although, we note for the board of
directors and the audit committee that this aspect of Ingen's operations may
warrant more attention.
Sincerely yours,
Spector & Wong, LLP
/s/ Harold Y. Spector
---------------------
Harold Y. Spector, CPA
ragingbull.quote.com
By: parigie0
25 Mar 2007, 12:46 PM EDT
Msg. 26217 of 26221
(This msg. is a reply to 26216 by stockmasterflash.)
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SMF you are too much! Naive perhaps is the best way to
describe you as you continue your accumulation of IGTG
stocks.
You assume too much from a cover letter. I work for a
corporation(not public) whose CEO has just steped down. Yet
when when the CEO sent a letter to all employees, the
spin was that he was stepping down to spend more time with
his family. I know that he was fired by the owner.
My interpertation of the Wong letter is that IGTG was not
satisfied with the auditors due to tardiness and ineptitude.
Regardless of the reason for Wong's departure, the audit
continues with the new auditing firm and papers are flying
off the desk in the direction of the SEC.
ragingbull.quote.com
By: stockmasterflash
25 Mar 2007, 12:53 PM EDT
Msg. 26218 of 26221
(This msg. is a reply to 26217 by parigie0.)
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Spector was fired????
""
My interpertation of the Wong letter is that IGTG was not
satisfied with the auditors due to tardiness and ineptitude.
Regardless of the reason for Wong's departure, the audit
continues with the new auditing firm and papers are flying
off the desk in the direction of the SEC.""
ragingbull.quote.com
By: parigie0
25 Mar 2007, 12:46 PM EDT Msg. 26217 of 26217
(Msg. is a reply to 26216 by stockmasterflash.)
SMF you are too much! Naive perhaps is the best way to
describe you as you continue your accumulation of IGTG
stocks.
You assume too much from a cover letter. I work for a
corporation(not public) whose CEO has just steped down. Yet
when when the CEO sent a letter to all employees, the
spin was that he was stepping down to spend more time with
his family. I know that he was fired by the owner.
My interpertation of the Wong letter is that IGTG was not
satisfied with the auditors due to tardiness and ineptitude.
Regardless of the reason for Wong's departure, the audit
continues with the new auditing firm and papers are flying
off the desk in the direction of the SEC.
ragingbull.quote.com
By: medent7
25 Mar 2007, 05:57 PM EDT
Msg. 26220 of 26221
(This msg. is a reply to 26218 by stockmasterflash.)
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Come on stockmasterflash,,,, this is simple mathematics!!!!
Old auditors + problems with SEC fillings + Bad Performance = YOU ARE FIRED
New Auditors + SEC Fillings weekly + Good Performance = YOU ARE HIRED
YOU SEEEEEEE SIMPLE MATHEMATICS!!!!!
GOOD LUCK TO THE HOLDERS!!!!!!
ragingbull.quote.com
By: stockmasterflash
26 Mar 2007, 06:15 AM EDT
Msg. 26221 of 26221
(This msg. is a reply to 26220 by medent7.)
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It adds up to he was FIRED???
I'm no expert in "financial controls" but when an auditor questions the financial controls of a company then ends up fired......THAT'S A HUGE RED FLAG FOR MOST PEOPLE WITH COMMON SENSE!!!
And looking a bit deeper, one big issue with FINANCIAL CONTROLS jumps right out at me----
You might look at the SEC definition of RELATED PARTY TRANSACTIONS
Hiring the company's largest shareholder at $10,000 per month as a "distributor" and putting out a press release that doesn't disclose that relationship to the company doesn't pass the laugh test here in San Francisco.
Good luck on that OTCBB thing! ROTFL
ragingbull.quote.com
By: garyleeny (aka DLewisFl)
26 Mar 2007, 09:21 AM EDT
Msg. 26223 of 26223
(This msg. is a reply to 26217 by parigie0.)
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parigie: It's obvious to anyone why the old auditor left. Ingen needed the CRTZ financials reported, S & W couldn't handle it. So Ingen hired another firm that could, which was the "writing on the wall" for S & W. Poor old S & W's feelings got hurt, so they wrote a nasty sentence in their departure letter. Sour grapes.....
ragingbull.quote.com |
