OTCPK:TOUBF - Post by User
Comment by
whoa_rimcheeseon Jun 14, 2011 11:03am
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Post# 18712370
RE: RE: Frostfell
RE: RE: FrostfellWrong again frostfell. Firstly, under your approach, people would still be skeptical, cause it is MANAGEMENT who would be requesting the bank confirmation. It should be the auditor.
The cash balance would have been confirmed as of December 31, 2010 by the AUDITORS. So, are you saying between January 1st and now, the money has disappeared. In one month will you expect another confirmation? In two months will you expect another confirmation?
As far as complicated banking - if each sub has a bank account(s). Maybe not complicated, but that will be a lot of confirmations. For a large financial institution - the confirmation process is immense. Immense.
And the PwC investigation is A LOT broader than just confirming bank balances. They will be confirming existence and examining valuation of timber assets. They will be examining the transactions - looking for hidden related parties, valuation of transactions, existence of transactions, role of AIs/agents, tax implications, appropriateness of revenue recognition polices. They will be going back FIVE YEARS - HOW THE HELL DID PEOPLE THINK THIS WOULD BE DONE IN A FEW WEEKS! I feel like I am taking crazy pills here. The stupidity on this board is amazing. Frankly, I will be surprised if this can be completed in 3 months. This is a tremendous amount of work. And it is a HIGH RISK engagement for PwC.