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+--- Thread: F-20 Filing (/showthread.php?tid=7154)
F-20 Filing - catchmeifyoucan - 07-30-2014
It is in my opinion that the new auditors MBP have been hired on the basis that they will sign off accounts for last year.
Why else would they be appointed? And would it not be a simple agreement with simple terms made before MBP was appointed? The request from NQ would have been: "We have all account information, all customer receipts, all emails and all purchase orders / contracts.... will you sign our audited accounts?"
MBP: Why sure. "For a small fee."
Based on the information available - and already provided to PWC, MBP will sign.
F-20 filing is imminent, all this recent news is just to ensure we rise back to a respectable value - $20 will do for a start!!
Any one have any thoughts on my theory?
RE: F-20 Filing - BillNeuburger - 07-31-2014
I think your theory is flawed. MBP, cannot compromise their own good standing with the PCAOB, or within the industry to just have some sort of Gentleman's agreement with NQ.
For starters, look at what is at stake for MBP, to just bail out NQ without actually doing an audit? MBP has to abide by the rules, and follow auditing standards or the PCAOB will come crashing down on them, among other regulators. This theory sounds fabulous to short sellers but is not practical with a firm like MBP, regardless of who their clients are. This is not an auditor from Salt Lake City with 2 employees.
That being said, obviously MBP understands NQ's situation, and the time needed to complete the audit, and therefore is likely going to complete it "expeditiously" as NQ stated in the P.R.
RE: F-20 Filing - catchmeifyoucan - 07-31-2014
Bill you are missing my point. MBP will not compromise their auditing practise.
They would have merely stated the requirements for them to complete their audit and will guarantee a successful audit should
1. all these required documents/info. be disclosed to them and
2. There is no fraud or malpractise detected within them
NQ will be happy to cooperate. Most of the required documents will have already been supplied to PWC and have been scrutinised to be faultless - hence success if guaranteed.
RE: F-20 Filing - BillNeuburger - 07-31-2014
Ok, right I agree with you, I just didn't catch that you meant MBP would not compromise the auditing practice.
I also expect a clean audit, not out of a B.S. process rather because they are clean is all I meant as well. Time is of the essence though, and I think that's where a time-frame has been agreed upon by all parties.