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Microcap & Penny Stocks : HGRM--Any Followers?
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To: george eberting who wrote (2086)3/20/1999 8:24:00 AM
From: WallStBum  Read Replies (2) of 3576
 
George,

Auditors are responsible to report anything "material" that occurs after year end but before the date of the report issuance. For the auditor, this is typically the last day of audit field work. Materiality is of course key, but generally a logical approach is used, ie. is it something that materially changes the company, or without disclosure, would leave a debt or equity investor uninformed to their detriment. For instance, year end 12/31/98, but the main plant burns to the ground in February before the report is complete - you as an equity holder or bank, etc. would certainly want disclosure of the potential liability or impact.

I suppose it's possible the deal could be discussed, although I'd be surprised - it would likely be pretty terse and tell nothing more than that already publically known. We CPAs are supposed to be a conservative, non-excitable bunch - trained that way from birth actually.

dax
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