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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON? -- Ignore unavailable to you. Want to Upgrade?

To: Coz who wrote (4529)	11/20/1998 8:53:00 PM
From: John S. Baker	Respond to of 6931

It was suggested to me that the reason it is taking so long to get a quality auditor is because they needed to get profitable first. Yes, this phenomenon of our litigious society was explained at the last AGM, so the story is consistent. The usual procedure is for the shareholders to ratify the selection of the auditor as one of the items of business during an AGM. (This, along with electing Board Members, being the two primary ways that shareholders can look out for their investments and monitor the course of their company.) And typically the outgoing auditor must certify (in some fashion) that he is not being forced out and that there were no unresolved issues at the time of his departure. This is to prevent companies from "shopping for an auditor" ... replacing one after another until they find one they like. And the usual time to switch auditors is effective the beginning of a new fiscal year ... though the ratification need not take place before the new fiscal year begins. JSb.