July 1, 2015
I have worked in Internal Revenue Service, Defense Contract Audit Agency and owned my own tax preparation business for a combined total of over 40 years. Having an impartial audit committee and independent auditor is vital to investors in obtaining adequate information to make an informed decision. No matter who you hire the for the audit committee or as independent auditors there will always be some conflict of interest. The only way to get the information to make an informed decision for the investors would be to setup an audit to review the reports of the audit committee and independent auditors at the time of issuance and on a selected basis. Selections should be made on the basis of shareholder losses sustained after the issuance of an unqualified opinion and where there was a material item was discovered soon after the report was issued. The follow-up audit needs to be done by a government audit organization trained in stock evaluations or by a unrelated CPA firm. The only other thing that may help would be for the SEC to hire unrelated CPA firms to do peer reviews of prior report and then the results should be reported directly to the head if the SEC and IG. Investors need help