Re: And Now in yet other News . . .
in response to
by
posted on
Aug 31, 2021 05:28PM
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The switch to a different accounting firm every now and then is not necessarily a bad thing - it lets new set of eyes look at the books. Having said that, there really isn't anything different about the company's books over the past decade or more - 1) find money wherever you can; 2) spend it keeping the lights on; and (recently) 3) spend a huge chunk of change on pointless lawsuits.
MaloneBailey has been the company's audit firm since 2013, and has been charging around $30,000 for the annual audit. Turner, Stone may be cheaper. For what it is worth, it does not appear Turner, Stone is a member of the Dallas Better Business Bureau. Also would be interesting to know why the Board didn't choose an accounting firm in Arizona. MaloneBailey and Turner, Stone are both in Texas.
There is one ding on Turner, Stone - a 2015 inspection by the Public Company Accounting Oversight Board (PCAOB) found a significant audit deficiency in one of Turner, Stone's audit. The PCAOB report states that "an auditor's failure to obtain the reasonable assurance that the auditor is required to obtain is a serious matter", and the audit deficiency during the firm's audit was "the failure to perform sufficient procedures to test the valuation of sharebased payments". See PCAOB Release No. 104-2016-075
Doesn't indicate the firm is bad; most likely a field auditor failed to do their job and management didn't catch it before the report was issued.