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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Steven Angelil who wrote (6741)3/17/1998 9:38:00 AM
From: John Fairbanks  Read Replies (1) of 27968
 
I was talking to my Dad last night about the audit... he used to do
audits in his early days with the accounting firm and he said what we
are seeing here is completely understandable. For those who might
have as little understanding of the audit process as I did, here it
is...

Typically the audit will begin in December with the auditors overseeing
the closing of the year. The they begin a time of field work where
they actually go and verify things like account receiveables, debts,
pending legal issues, etc. The day the field work is complete becomes
the "date of the audit". On that day, although the audit is still far
from complete, all of the numbers have been finalized. (Corporate tax
returns were due yesterday, so end of year audits would have been
at least completed to this point so they can use the numbers in their
tax returns.) The auditors then begin a time of writing up the audit
from their rough worksheets. Footnotes are made to clarify how
numbers were calculated such as an explaination of how an asset is
being depreciated, etc. The auditors are also responsible for
explaining any siginificant changes such as changes in business
structure that have occurred between the end of the audit (Dec 31) and
the audit date (when they finished the field work). I suspect
that this is what has been slowing us down because the company has
been changing at a million miles a minute and all of that needs to
be carefully documented. Since Ira gave us the final numbers a couple
of weeks ago, that was probably the date that the field work was
finished and the auditors have been working since putting the audit
together, but the numbers are finalized!

He said that FAMH is actually right on schedule for what he would
expect to see an audit for 1997.
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