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re: Lehman Watch Thread
Posted on 8/22/08 at 6:10 am to kfizzle85
Posted on 8/22/08 at 6:10 am to kfizzle85
Thanks for the insight. I'm a little shaky on financial accounting.
Are you saying that quarterly reviews are just as accurate as year-end audits?
quote:
It has no bearing on the accuracy of the information provided (insofar as the CPA is concerned).
Are you saying that quarterly reviews are just as accurate as year-end audits?
Posted on 8/22/08 at 9:14 am to Doc Fenton
Not at all my friend. A review and an audit are subject to different levels of assurance. If you read p52 of the 10-Q, it should pretty well spell it out, it's just a template (like literally straight out my auditing book) that all firms use for a review assurance level, amongst the other various reports they might issue that are not audits. It really has to do with the limiting CPA liability as it is impossible/impractical to do an audit of each quarterly report.
ETA: Basically just trying to say that it is normal operating procedure, and does not necessarily indicate a "good" or "bad" thing. An audit is an opinion, in a review there is no opinion issued. Hope that cleared up what I was saying (they're still going down).
ETA: Basically just trying to say that it is normal operating procedure, and does not necessarily indicate a "good" or "bad" thing. An audit is an opinion, in a review there is no opinion issued. Hope that cleared up what I was saying (they're still going down).
This post was edited on 8/22/08 at 9:18 am
Posted on 8/22/08 at 9:34 am to Doc Fenton
LEH is up 15% this AM. Looks like a good time to buy some puts.
Rumor is Korea is buying them. Right............if they do, it will involve massive shareholder dilution.
Rumor is Korea is buying them. Right............if they do, it will involve massive shareholder dilution.
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