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To: TheXFiles who wrote (21501)7/3/1998 6:15:00 PM
From: Greta Mc  Respond to of 27968
 
I worked as an auditor for a couple years, and have not worked as an auditor since 1994. Not sure exactly what you want to know, but normally prior year audited reports/figures are reviewed for familiarity purposes--getting to know the company, but not to ensure that the report/figures are correct. However, if the auditor believes there has been a material misstatement or omission of any kind, then the auditor is supposed to do more than casually looking over the prior year work.

There are obviously a lot more steps to approaching and performing an audit, but thought that might help with regards to prior year audited statements.

Greta Mc



To: TheXFiles who wrote (21501)7/5/1998 11:59:00 AM
From: Sigmund  Respond to of 27968
 
The audit of earnings is of course important. I think however that the audit of issuance of shares for fair consideration might be even more critical to restoring or not restoring confidence.


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