Biosign Technologies Inc BITKF

RE: Audit Report

[agnjak9]

If an auditor does not encounter any significant situations that might affect his ability to express an opinion that the statements of the company present fairly the financial position of the company as of a particular date, the auditor can express an "unqualified" report. However, if he does encounter significant situations that do affect his ability to express an "unqualified" opinion and if the directors do not agree with his findings or refuse to allow the auditor to adjust the financial statements accordingly or make reference to the discrepancies in the "Notes to the Financial Statements", he would probably express a "qualified opinion" stating his reasons for doing so. Tough situation for the auditor as he is supposed to maintain his dependence at a time when his client is paying his fees. Some have been sued when they hadn't maintained that independence.