Re:internal audit (nearbeer)
posted on
May 14, 2015 05:10AM
"we already have independent accountants. and if you want other independent accountants to audit our existing independent accountants, how much $$$$$ are you forking over? shboomer, whey you mention accounting and auditing and independence, you are out of your depth. nb"
I ran technology departments of over 100 staff. My annual operating budgets far exceeded the valuation of PTSC. Capital asset budgets added millions to that. I was involved in Sarbanes Oxley compliance, internal audits of my own budgets and expenses, analyses and audits for tax compliance for capital and R&D expenses etc etc
If anyone offers a penny for your thoughts that probably really is what they.value them at. You are out of your depth - in beer, maybe?
If you hadn't noticed, PTSC hasn't done an internal audit in years. Read the filed SEC documents, carefully. I am not asking anyone to audit our "independent" accountants. I am saying we shareholders need a deep-dive analysis and audit on PTSC's internal accounting methods with focus on any and all payments made by PTSC other than for general operating costs such as rent, utilities, tax payments etc. And I am saying it needs to go back several years. It could start with random sampling of transactions above, say, $2,500 and dive deeper if the evidence warrants it.
There is also a need to audit corporate minutes and similar records including emails for content and compliance.