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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: GlobalMarine who wrote (6955)12/11/1997 2:19:00 AM
From: Larry Brubaker  Read Replies (1) of 20681
 
Rand: Not sure the BD signoff on COC is analagous to a financial audit by an accounting firm. In such an audit, the accountants test a small sample of financial transactions to try to establish a reasonable assurance that a company's accounting is accurate. It is impossible for the accountant to review every single transaction. Since their findings are based on a sample, the opinion they state is necessarily qualified.

I would think that if BD had maintained security over the samples from time of collection until delivery to LeDoux, they could make a more certain statement than they did.

However, I don't know how the standard COC certification statement in the mining industry reads, so this may not be out of the ordinary.
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