RE: Audit Fees of Comparables SGMA and IECThe 14A 2009 filing of IEC shows that despite its rapid growth, profitablility, and acquisition, its total yoy audit fees WENT DOWN and represent 1/4 of the fees paid by ATQ to E&Y.
Fees paid to EFP Rotenberg, LLP
The following table shows the fees that were billed by EFP Rotenberg, LLP for professional services rendered in Fiscal 2009 and Fiscal 2008.
| | | Fiscal 2009 | | | Fiscal 2008 | |
| Audit Fees (1) | | $ | 93,000 | | | $ | 66,500 | |
| Audit-Related Fees (2) | | | -0- | | | | -0- | |
| Tax Fees (3) | | | 7,500 | | | | 5,000 | |
| All Other Fees (4) | | | 7,500 | | | | 43,588 | |
| Total EFP Rotenberg, LLP Fees | | $ | 108,000 | | | $ | 115,088 | |
(1) Audit fees primarily represent amounts billed for the audit of our annual consolidated financial statements for such fiscal years and the reviews of the financial statements included in our Form 10-Q quarterly reports for such fiscal years.
(2) Audit-related fees represent consultations concerning internal control documentation and financial accounting and reporting standards.
(3) Tax fees consist of professional services rendered by EFP Rotenberg, LLP primarily in connection with IEC’s tax compliance activities and the preparation of federal and state income tax returns.
(4) All other fees in Fiscal 2009 are for audit services related to our 401(k) plan. All other fees in Fiscal 2008 are for audit services related to our 401(k) plan ($6,500) and for audit and accounting services related to the Company's acquisition of Val-U-Tech Corp. in Fiscal 2008 ($37,088).
https://www.sec.gov/Archives/edgar/data/49728/000114420409066902/v170260_def14a.htm
So Musing and Springboard, please provide a plausible explanation as to why ATQ paid an extra $300,000 last year for audit fees; money that could have gone straight to the bottom line. And this is only one of several expense items that we are researching.
If you or anyone else has anything that would be helpful in our research, please email us at: forensics2review@yahoo.com
Please be assured that a team of specialized professionals is investigating this company's practices to see how it compares to other ems companies. We have invested too much money in this company to not be concerned and idle chatter on this board is not a priority: Asking questions is!