It appears that the “New Independent Registered Public Accounting Firm”, MSCM, LLP, appointed by JBI Inc., may be neither “new” to JBI nor “independent”.
JBI, Inc. to Issue Restated Financial Statements
NIAGARA FALLS, Ontario, June 10, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCBB:JBIIE) is providing notice that the Company's previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission ("SEC") on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon due to questions regarding: 1) the accounting treatment and related disclosures of two acquisitions which were completed during 2009 and 2) the valuation of media credits acquired by the Company during 2009 through the issuance of common stock. The Company's former independent registered public accounting firm, Gately and Associates, which was dismissed on May 13, 2010, was informed of the matters disclosed above.
Subject to approval by its new independent auditors, Withum Smith + Brown, PC, the Company intends to file revised financial statements as soon as they are available.
The Company has hired Moore Stevens to assist in this effort, and provide ongoing accounting expertise.
globenewswire.com
(b) Engagement of New Independent Registered Public Accounting Firm.
i On March 10, 2011, the Board of Directors appointed MSCM, LLP (“MSCM”) as the Company’s new independent registered public accounting firm. The decision to engage MSCM was approved by the Company’s Board of Directors on March 10, 2011.
ii Prior to March 10, 2011, the Company did not consult with MSCM regarding (1) the application of accounting principles to a specified transactions, (2) the type of audit opinion that might be rendered on the Company’s financial statements, (3) written or oral advice was provided that would be an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issues, or (4) any matter that was the subject of a disagreement between the Company and its predecessor auditor as described in Item 304(a)(1)(iv) or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.
Form 8-K - Filing Date 2011-03-16
sec.gov
MSCM LLP
8th Floor, 701 Evans Avenue
Toronto, Ontario
M9C 1A3 Canada
Telephone: (416) 626-6000
Facsimile: (416) 626-8650
E-Mail: info@mscm.ca
mscm.ca
mscm.ca
Moore Stephens International
Our clients compete in a global marketplace, and the number and diversity of regulations, laws and polices they must follow is tremendous. It is now virtually impossible for one firm to have all the answers that clients need. That's why MSCM is proud to be associated with the North American region of Moore Stephens International Limited. [ Link to - moorestephens.com ]
mscm.ca |
