the_worm06

Thoughts, Comments and Research on Publicly Traded Companies and Internet Stock Message Boards

Sunday, May 04, 2008

[LBWR]:New Labwire, Inc. auditing firm, Moore & Associates, caught with serious deficiencies in client audits by the PCAOB

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It appears that Labwire, Inc.'s (LBWR) new auditing firm has had its problems with the auditing process of clients in the past, according to the Public Company Accounting Oversight Board (PCAOB), the entity involved in overseeing public accounting firms.

From the Inspection Report by the PCAOB below it appears that Moore & Associates was seriously deficient in two of its three public company client audits. In fact, the auditing firm, which consisted of only one office, one partner and one other professional at the time, was forced to reissue their opinions on two of the three clients that they had audited.

Click here for the PCAOB Report on Moore & Associates


and here is some of the text from the PCAOB Report:


"The inspection team identified matters that it considered to be audit
deficiencies. The deficiencies identified in both of the audits reviewed included deficiencies of such significance that it appeared to the inspection team that the Firm did not obtain sufficient competent evidential matter to support its opinion on the issuer's financial statements. Those deficiencies included the failure to perform and document, in both of the audits reviewed, an evaluation as to whether there was substantial doubt regarding the ability of the issuer to continue as a going concern.

Following the inspection fieldwork and the inspection team's discussion with the Firm of the matters identified above, the Firm performed additional audit procedures and reissued both of its audit reports to include an explanatory paragraph describing the uncertainty regarding the issuer's ability to continue as a going concern."






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2 Comments:

Anonymous creede said...

IOU 3 posts on iHub and 3 posts on SI. If your respond to this commment, then i'll grant you 6 more.

Oh, and BTW, the posts will NOT be on Labwire threads - ever.

GB-ND
creede

5:32 AM  
Blogger the_worm06 said...

Creede,

Good stuff.

But why only 3 posts for every one of my blog entries?

Why not post 20 messages on message boards for every one of my blog entries?

This way, there will be more "data" that can be archived from your posted messages.

good luck to you

regards,

the_worm06

7:56 AM  

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