RemingtonRules
Well-known member
- Joined
- Aug 11, 2016
- Messages
- 258
Have you ever done an audit or been involved in one?That is what I said in my post and the vast majority of private companies are not getting audits. Ask me how I know.
I know of plenty of private companies with 8 figure revenue and 7 to 8 figure debt or LOCs and they are not required to get financial statement audits. They also don't have non-owners on boards and owners typically have free reign over their comp. And even if they have a financial statement audit is much different and there is no transparency with outsiders or employees.
And most people have no idea what an "audit" actually is. Nobody is going through and double checking every check/expense and every deposit. Financial statement audits are not designed to find fraud and they are full of CYA language to be "materially correct".
I am ok with all of the above and I am only responding because your descriptions are very incorrect.