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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: JIN CHUN who wrote (6911)	3/18/1998 12:02:00 PM
From: LFISKY	Respond to of 27968

Jin , what you are referring to here is called a "review for subsequent events." What happens is the auditor must review for events that happened from the balance sheet date to the date of the auditor's report. There are basically two types of subsequent events: 1) Those that have a direct effect on the financial statements and therefore require adjustment, and 2) those that have no direct effect on the ( audited) financial statements but must be disclosed because they may have an impact on someone's (investor, creditor, etc.) decision making process. We probably only have the latter here and therefore note disclosure would probably be necessary. LFISKY