as of the 2004 10-K and probably still are, evenmore so
if KPWM canot vouch for the numbers then what kind of "independent" firm will be needed to figure it out? most likely a "forensic" group implying possible illegalities
stay away - where there is one roach there are millions
the Stubbs damily must have so many skeletons in the closet and the bones are beginning to rattle -a life insurance policy so large that it must appear on the balance sheet - I have never seen this outside of a small partnership
this little company is beginning to smell like year old fish
EX-23.1 18 ex23_1.htm EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTING FIRM
CONSENT OF INDEPENDENT PUBLIC ACCOUNTING FIRM
The Board of Directors Frozen Food Express Industries, Inc.:
We consent to the incorporation by reference in the registration statements on Form S-8 ( File Nos. 033-48494, 033-59465, 033-59461, 333-21831, 333-38133, 333-52701, 333-87915, 333-87913, 333-56204, 333-56248 and 333-106696) of Frozen Food Express Industries, Inc. and subsidiaries (the Company) of our reports dated March 21, 2005, with respect to the consolidated balance sheets of Frozen Food Express Industries, Inc. as of December 31, 2004 and 2003, and the related consolidated statements of income, shareholders� equity, and cash flows for each of the years in the three-year period ended December 31, 2004, management�s assessment of the effectiveness of internal control over financial reporting as of December 31, 2004, and the effectiveness of internal control over financial reporting as of December 31, 2004 which reports appear in the December 31, 2004, annual report on Form 10-K of Frozen Food Express Industries, Inc.
Our report dated March 21, 2005, on management�s assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting as of December 31, 2004, expresses our opinion that the Company did not maintain effective internal control over financial reporting as of December 31, 2004, because of the effect of material weaknesses on the achievement of the objectives of the control criteria and contains an explanatory paragraph that states that the following material weaknesses have been identified and included in management's assessment as of December 31, 2004:
� As of December 31, 2004, the Company�s control activity, which intended to reconcile differences between the book and tax bases of each component of the Company�s consolidated balance sheet with amounts recorded as deferred tax assets and liabilities, was not operating effectively. Proper execution of this control activity served to ensure that deferred tax assets and liabilities, and the corresponding income tax expense, are properly recorded in the Company�s consolidated financial statements. As a result of this deficiency, errors in accounting for income taxes were identified and corrected prior to the issuance of the 2004 financial statements.
� Second, management�s review of certain year-end accruals was not effective as of December 31, 2004. Specifically, this review did not identify two accrual accounts that were not adequately supported by sufficient and appropriate documentation. As a result, errors in the accounting for accrued liabilities and operating expenses were identified and corrected prior to the issuance of the 2004 financial statements.
� Third, the Company�s control to ensure the accurate disclosure of operating lease commitments in the footnotes to the Company�s consolidated financial statements was not operating effectively as of December 31, 2004. As a result, errors in the footnote disclosure of lease commitments were identified and corrected prior to the issuance of the 2004 financial statements.
In light of this information, management is unable to conclude that as of December 31, 2004, its internal controls over financial reporting are effective.
Notice that the previous controls issue was written and signed by their current INDEPENDENT auditor...so why do they need yet another "INDEPENDENT" audting firm to look into the revenue issue?
if FFEX were your company, if you were its CFO, would you sign ANY financials that were to filed with the SEC knowing that your signature would make you liable for any problems that might arise at a later date?
look for an NT delaying the 10-K and a forensic auditing team to begin work ad look for tremendous expenses to pay for all of this and inthe end restatements for every financial since 2003 and weak revenue going forward as customers stear their business to FFEX's main competitors in order to insure thattheycan get their perishables delivered by a company without a shadow hanging over it