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

To: kennbill who wrote (23658)	8/31/1998 8:10:00 PM
From: R. Murphey	Respond to of 27968

Janitor, A Management Representation Letter is within the control of management therefore does not fit in their description of the situation. <<"Our staff, and our auditors, have exhausted every effort and spared no expense in pursuit of our responsibilities. We have been working hard to produce 1996 audited financials in a timely manner. Unfortunately, there remain unresolved issues that are not within our control.">> So, what is not within the control of management or the auditors..... third party acknowledgements?? ....Bank acknowledgements?? ...default situation??, .... legal actions?? ....tax agency actions?? .... appeals??? Apparently, it may be material or they could at least announce the qualification in light of the other numbers and move on. I agree, there should not be any reason to delay fieldwork on '97s, a lot could have been accomplished already and the sequence of events was well known to both sides. Folks who have reported talking with the auditor indicated his statements referenced the '97 audit task ahead. Regarding your statement "unless there is some reason to think they may not proceed with the work.", I have seen situations where: 1)auditors would not proceed for ethical reasons, and 2) where auditors withheld finalization of reports and suspended audit activities due to payment problems. These would not be good, and there is nothing to verify this is the case! It could also be that the audit costs have escalated beyond budgets, due to other problems, but this can't be, because they've "spared no expense". So, little to do but shake one's head in disbelief. By the way, where are the revealing answers we were told to expect from Ira Monas?