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SLJB- July 5th coming soon
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[QUOTE]Originally posted by Grande25: [QB] So far from what I'm reading out of this, Ed Turner was lied to but the PCAOB believes that he should have known he was being lied to because he should have employed "tests of data" to reveal truth rather than taking word of "management". Excerpt: "In addition, Respondents failed to perform sufficient procedures related to the confirmation of the existence of the HCIA investment. In lieu of sending a confirmation, Turner allowed a 21st Century executive to e-mail confirmation questions to an HCIA official. The e-mail questions did not directly address confirmation of 21st Century’s ownership of the preferred stock and, in any event, Turner never received or learned of any response to the e-mail." And then it goes on to say that Ed Turner should have followed up on the e-mail to get accurate data. I'm almost to the end of it... And yeah to sum it up in my own terms the PCAOB is basically saying, "Ed Turner, you are a professional auditor... you got lied to... you should have known you were witnessing fraud and you should have acted on it to expose it". Hopefully, the Turner LLC has learned from this investigation and that will help validate whatever they find in their SLJB audit... hopefully! Edit: If there are any aspiring CPA's out there I just think this is interesting reading to put that FEAR factor in to you... Be a REALLY good CPA regarding Pink sheet companies or you might just get burned! It's just really interesting to see the pressure that is on CPA's... You basically have to CYA big time and if you are getting lied to you better expose it... Just imagine if the big business doesn't want to get exposed and I mean... they REALLY don't want to get exposed and they find out the CPA is on to them. Scary business there IMO. [/QB][/QUOTE]
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