Wed, Sep 17, 2014, 2:23 AM EDT - U.S. Markets open in 7 hrs 7 mins

Recent

% | $
Quotes you view appear here for quick access.

Sino Clean Energy Inc Message Board

  • asianvest asianvest May 2, 2013 1:48 PM Flag

    PCAOB's inspection of Weinberg & Co...

    PCAOB Release No. 104-2013-053
    Inspection of Weinberg & Company, P.A.
    December 20, 2012

    Public Company Accounting Oversight Board

    Members of the Board's inspection staff ("the inspection team") conducted primary procedures for the inspection from June 13, 2011 to June 24, 2011...

    ...The inspection procedures included a review of aspects of the Firm's auditing of financial statements of five issuers. The scope of this review was determined according to the Board's criteria, and the Firm was not allowed an opportunity to limit or influence the scope.

    The inspection team identified what it considered to be audit deficiencies....

    The deficiencies identified in four of the audits reviewed included deficiencies of such significance that it appeared to the inspection team that the Firm, at the time it issued its audit report, had not obtained sufficient competent evidential matter to support its opinion on the issuer's financial statements. Those deficiencies were -

    (1) the Firm's failure to identify, or to address appropriately, a departure from GAAP that related to a potentially material misstatement in the audited financial statements concerning the classification of revenue from a related party;

    (2) the Firm's failure to identify, or to address appropriately, a departure from GAAP that related to a potentially material misstatement in the audited financial statements concerning the presentation of cash;

    (3) the failure, in two audits, to perform sufficient procedures related to the valuation of accounts receivable;

    (4) the failure to perform sufficient procedures related to the accounting for a sale of common stock with detachable warrants; and

    (5) the failure to perform procedures to evaluate whether an entity was a variable interest entity.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Looks like Weinberg & Company may be shutting down shop. Their website has been removed from cpaweinberg (dotcom)

    • So, in December, the Public Company Accounting Oversight Board published a report on the results of its inspection of SCEI's auditors (Weinberg & Co.), which stated:

      "...The deficiencies identified in four of the audits reviewed included deficiencies of such significance that it appeared to the inspection team that the Firm, at the time it issued its audit report, had not obtained sufficient competent evidential matter to support its opinion on the issuer's financial statements..."

      On September 21, 2012, Weinberg replied to the PCAOB: "...on an overall basis we do agree with certain findings in the Report and, where applicable, have taken actions to address such findings..."

      On September 24, 2012, Weinberg notified SCEI that they have withdrawn their audit report included in the SCEI Form 10-K for the year ended December 31, 2011 -- and that disclosure should be made to prevent future reliance on Weinberg’s audit.

      Now who doesn't think that SCEI was one of the audits reviewed that found deficiencies of such significance that Weinberg lacked sufficient documentation to support its opinion on SCEI's financial statements?!?

      Why don't those investors who relied on the "audited" financial statements for investing in the stock sue Weinberg to disgorge the hundreds of thousands of dollars it received in fees from SCEI for clearly inadequate audit work? (And while you're at it, you might as well sue Thornhill for impersonating licensed CPAs through the convenient public mouthpiece of Jim Sutter and the other touts claiming Thornhill issued a financial "audit".)

 
SCEI
0.40+0.01(+2.56%)Sep 16 3:38 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.