KGIC Inc LGLTF

RE:RE:RE:Internalaudit68- You said everything that I believe too.

[schoolboy]

In this business, unearned revenue is notoriously difficult to calculate accurately, much less audit. Students pay various fees using all methods available. They pay early or late, directly or through agents. Refunds are - or at least should be  - calculated and paid on a daily basis.  Some agents retain their commissions and others don't. It goes on and on. 

The only way I know to do it accurately is to methodically go through each student record manually. With all of these random schools operating pretty much on their own with minimal supervision, the "sick CFO", Andrew Ryu and his pals playing cowboy at head office, it's extremely difficult to take their UR calculations seriously. Even in the very, very unlikely event that their calculations were correct, they could have easily been fudged and it would take a small army of auditors to unfudge it.