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What is the PCAOB auditor process for public companies?

What is the PCAOB auditor process for public companies?

I’ve worked with public companies since 1998 in some form or fashion – either being the investor who provides the equity to “go public”, being the private company who goes through the process of going public, or being the consultant who helps the private companies through the process. One of the most frustrating parts of either “going public” or being public is interacting with the PCAOB auditors. Most of the frustration comes from the process, a good process at that, but a process of completing the audit itself – it’s a process that provides the auditors with the background documents and confirmation that the financial information that they have received is correct.

The Process

For the uninitiated, the process is one that can be daunting the first time you go through it, and can make you hate even your best friend who is a PCAOB auditor, but it is a process that you must be familiar with in order to complete.  Here is the process step by step:

  1. Engagement letter
  2. Requested information list issued from auditor
  3. Information requested sent to auditor
  4. Process information, roll forwards, etc.
  5. First partner review
  6. Client responses to (5)
  7. First audit partner review
  8. Client responses to (7)
  9. Second audit partner review
  10. Client responses to (9)
  11. If 10K, auditor must receive all third party confirmations prior to filing
  12. Partners sign off
  13. EDGAR-ization / XBRL
  14. EDGAR-ized sent to auditor / client for sign off
  15. EDGAR-ized & XBRL filed

Usually after you’ve gone through all of this, it’s time for a vacation because it is a gut wrenching process by which the auditors determine if they have all the detail in order to provide their opinion that the financials are a fair representation of reality.  Remember, this is not an opinion that you have not committed fraud or some other malfeasance, but that you have provided them all of the documentation that they require.

 


© 2017 by Rhodes Holdings LLC and Robert C. Rhodes, all rights reserved.

 
 

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American Liberty cancels majority of stock

Houston, Texas (Wednesday, October 1, 2014) – American Liberty Petroleum Corp. announces today that it will cancel over sixty three percent (63%) of the company’s outstanding Common Stock shares. Three major shareholders have signed an agreement to exchange stock certificates, owned by them and already submitted to the company’s CFO, for one million (1,000,000) Common Stock shares each – for a total of over sixty eight million (68,469,993) Common Stock shares being cancelled and three million (3,000,000) being issued.

These shareholders, including the Chief Executive Officer prior to Mr. Rhodes, believe that our current management team and its plan focusing on enhancing shareholder value will bring major benefits to our shareholders,” said Steven M. Plumb, American Liberty Petroleum Corp.’s Chief Financial Officer. “With 107,389,051 Common Stock shares outstanding as of the filing of our last 10Q, we are cancelling over sixty three percent (63%) of the outstanding Common Stock shares.

The previously disclosed letter of intent for acquisition of Avant Diagnostics Inc. contemplates a closing date by October 1st, 2014, based upon successful conclusion of due diligence, which is ongoing by both parties. The parties have signed an amended letter of intent providing for a later closing, October 31, after Avant Diagnostics Inc. submits a PCAOB audit to the company as part of the due diligence.

Shareholders should also note that Mr. Hunter M.A. Carr no longer has any position nor ownership in American Liberty Petroleum Corp. The Board of Directors accepted Mr. Carr’s resignation as Chairman on August 30, 2014.


 

About American Liberty Petroleum Corp.

American Liberty Petroleum Corp. (‘OREO’, http://americanlibertypetroleum.com/) is a fully reporting, development stage publicly traded company seeking acquisitions in the Gulf Coast oil & gas services business segment. OREO’s current management team, Robert C. Rhodes (CEO) and Steven M. Plumb (CFO), are actively involved in the search for acquisitions.


 

About Avant Diagnostics Inc.

Avant Diagnostics, Inc. (‘Avant’, http://avantdiagnostics.com) is a medical technology company based on the completion of the human genome sequencing project. Avant is developing specialized tests that are cutting edge in medical diagnostic testing and the OvaDx® Pre-Symptomatic Ovarian Cancer Screening Test is a leading breakthrough in commercializing these tests.

Genetic research is increasingly focused on identifying the variations of the specific genes in the genome. These variations are what define individual characteristics, including disease states or a statistical propensity for disease. The implications are far-reaching and impact not only the research community, but also the individual patients and the medical providers. Diagnostic tests that detect diseases very early in their progression will provide options for earlier treatments that may improve the patient’s quality of life and prognosis by delaying or preventing disease progression or even death. Medical providers will incur major cost savings by avoiding costly late stage disease treatments.


 

Safe Harbor

The statements in this press release that relate to American Liberty Petroleum Corp.’s expectations with regard to the future impact on American Liberty Petroleum Corp.’s results from new products and services in development, including any planned acquisitions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements might not occur. American Liberty Petroleum Corp. undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in American Liberty Petroleum Corp.’s plans or expectations.

Investor Contact

Robert C. Rhodes
American Liberty Petroleum Corp.
investors@americanlibertypetroleum.com

Steven Scott or Gregg Linn
Avant Diagnostics, Inc.
investors@avantdiagnostics.com


© 2014 by American Liberty Petroleum Corp, all rights reserved.  Distributed here by permission.

 
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Posted by on October 2, 2014 in News

 

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Public company disclosure continued…

website ideas

website ideas (Photo credit: Sean MacEntee)

Following along with a previous post here on Rhodes Holdings LLC’s website entitled “Public company website disclosure“, I wanted to ensure that everyone in public company management got some updated disclosure notices.

General “Investor Page” disclosure

Here is an updated version for your page (replace the “COMPANY XXX” with your company’s name):

The content on these pages may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our expectations or forecasts of future events.  You can identify these statements by the fact that they do not relate strictly to historical or current facts.  They may use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, or other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products, future performance, results of current and anticipated products, expenses, the outcome of contingencies such as legal proceedings, and financial results.

Any or all of the forward-looking statements we make could turn out to be wrong.  They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.  Many such factors will be important in determining our actual future results.  Consequently, no forward-looking statement can be guaranteed.  Our actual results may vary materially, and there are no guarantees about the performance of our stock.

We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any disclosures we make on related subjects in our recent reports filed with the Securities and Exchange Commission. In particular, you should read disclosures in those documents identified under the heading “Risk Factors.”

COMPANY XXX provides a number of links (within the entire menu structure) that are not affiliated with COMPANY XXX, nor do we endorse these websites or the content. COMPANY XXX and its officers do not post comments nor reply to posts on investor message boards, nor do we sponsor or promote a specific message board over another. This lists Internet websites that provide community for our shareholders / investors.

SEC Filings Page

We recommend that you reference another website, specifically the filing page on SEC.gov, but you can embed this information very easily as well.  If you do have anything on your website, this disclosure should be listed as well:

The reports and other statements filed by COMPANY XXX with the Securities and Exchange Commission (the “SEC”) are current and accurate only as of their respective dates, and COMPANY XXX disclaims any responsibility to update or amend any information contained in such filings. Each filing COMPANY XXX makes with the SEC contains certain information as required by applicable SEC rules and regulations, and may not provide a complete description of the company’s business.

Press Release Page

Regulation FD requires issuers to use general distribution sites for the distribution of press releases, although this has somewhat been updated by the JOBS Act (although I would still issue through sites such as Business Wire or Reuters).  When on the issuers’ website, we recommend adding this:

All press releases contained in this web site were, to the best of COMPANY XXX’s knowledge, current and accurate only as of their respective dates. However, the passage of time may have rendered the information contained therein stale. COMPANY XXX does not review past press releases to determine whether they remain accurate, and information contained in such press releases may have been superseded or otherwise changed. COMPANY XXX disclaims any responsibility to update or amend any such outdated information.

Stock Quote Page

Once again, we recommend linking to other websites for quotes, including Yahoo! Finance, Google Finance, MSN Finance, etc.  The issuers website page that refers to the other sites should have this disclosure:

Stock price information is for informational purposes only and is not intended, and should not be relied on, for investment purposes. Historical and current stock price information is not indicative of future performance. All stock price information has been provided by a third-party source, and we make no representations or warranties as to the sequence, accuracy, or completeness of any such information.


© 2013 by Rhodes Holdings LLC, all rights reserved.

 
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Posted by on October 6, 2013 in BLOG, Public markets

 

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Global GSE Market, Inc. retains Rhodes Holdings LLC

Houston, Texas (October 3, 2013) – Global GSE Holdings, Inc. (referred to as “GSE”) announces today that it retained Rhodes Holdings LLC in order to implement strategies involving public company structure and financing that furthers GSE’s goal to become an S.E.C. reporting public company, providing further financial disclosure, transparency, and ultimately higher liquidity for GSE’s shareholder base.

Our investors have experience working with Rhodes Holdings LLC and its principal, Robert C. Rhodes.  Global GSE Market, Inc. management is pleased to have Mr. Rhodes helping us plan and implement phases of our business plan that will bring value to our shareholders,” said Ms. Maria Vallejo, President of Global GSE Market, Inc.

The major goals for our project associated with Global GSE Market, Inc. are:

  1. Consummate a transaction with a public entity; Global GSE Market, Inc. recently signed a Letter of Intent (“LOI”) with Cornwall Resources, Inc., which Mr. Rhodes is currently the Chairman and CEO.
  2. Provide current information through the OTC Markets disclosure platform.
  3. Update shareholder information available on OTC Markets as well as the GSE website, including a fact sheet and shareholder presentation.
  4. File an S.E.C. registration statement in order to become a 1934 Act S.E.C. reporting publicly traded company.
  5. Make an equity line facility effective from American Equity Fund LLC that will provide an ongoing capital source.  This may be associated with #4.

ABOUT RHODES HOLDINGS LLC

Rhodes Holdings LLC (referred to as “RHL”, https://rhodesholdings.wordpress.com) provides management consulting services that allow its clients to seek financing through the public markets, either through mezzanine debt, equity, or bank debt.  Mr. Rhodes is also the Managing Member of American Equity Fund LLC (http://americanequityfund.com), which provides equity line facilities for reporting publicly traded companies.

ABOUT GLOBAL GSE MARKET, INC.

Global GSE Market, Inc., a Nevada corporation (“GSE”) with operations in Houston, Texas, is a leading online company for reselling surplus aviation ground support equipment.  The exclusive online model employed by Global GSE Market, Inc. on its website at http://www.gsemarket.com matches supply and demand globally for used heavy equipment, while achieving great reach, price performance and efficiency relative to the fragmented network of brokers, dealers and physical auction houses that have traditionally served this market.

ABOUT AMERICAN EQUITY FUND LLC

American Equity Fund LLC (“AEF”, http://americanequityfund.com) provides an alternative funding mechanism, an Equity Line Facility (“ELF”), for SEC reporting publicly traded micro-cap companies that want to take control of their financial futures.

SAFE HARBOR STATEMENT

The statements in this release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The results anticipated by any or all of these forward-looking statements may not occur.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.

 

CONTACT

For Rhodes Holdings LLC:

Robert C. Rhodes
https://rhodesholdings.wordpress.com
robert.rhodes@rhodes-holdings.com
Main office 281-600-6000 extension 3

For Global GSE Market, Inc.:

http://www.gsemarket.com
investor@gsemarket.com

 

 
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Posted by on October 3, 2013 in BLOG, Business, News

 

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BenchMark Energy releases investor presentation

Coldspring, Texas (October 02, 2013) – BenchMark Energy Corporation (OTC Pink:BMRK) releases their current Investor Presentation today. The Investor Presentation is posted on their website. The Company will continue releasing pertinent information from “Phase 1” of its Project “Foundation” as it becomes available.

ABOUT BENCHMARK ENERGY CORPORATION

BenchMark Energy Corporation (OTC Pink:BMRK) is the source for glycerin and related refined components, providing value through our industry knowledge.” – Our mission statement starts the story, but the rest is available at http://benchmarkenergy.com.

SAFE HARBOR STATEMENT

The statements in this release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The results anticipated by any or all of these forward-looking statements may not occur.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.

INVESTOR RELATIONS

Ashlee Guzman
(832) 691-0011
investorrelations@benchmarkenergy.com
http://benchmarkenergy.com


© 2013 by BenchMark Energy Corporation, all rights reserved. Used here by permission from BenchMark Energy Corporation.

 
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Posted by on October 2, 2013 in News

 

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BenchMark Energy releases fact sheet

Coldspring, Texas (September 26, 2013 via OTC Disclosure & News Service) BenchMark Energy Corporation (OTC Pink:BMRK) announces today that they have released their fact sheet. The fact sheet is now posted on their website and includes recent Important Events and Projected Shipments.The Company will continue releasing pertinent information from Phase 1 as it becomes available.

 

ABOUT BENCHMARK ENERGY CORPORATION

“BenchMark Energy Corporation (OTC Pink:BMRK) is the source for glycerin and related refined components, providing value through our industry knowledge.” Our mission statement starts the story, but the rest is available at http://benchmarkenergy.com.

 

SAFE HARBOR STATEMENT

The statements in this release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The results anticipated by any or all of these forward-looking statements may not occur.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.

INVESTOR RELATIONS

Ashlee Guzman
(832) 691-0011
investorrelations@benchmarkenergy.com
http://benchmarkenergy.com

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

 
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Posted by on September 26, 2013 in BLOG, News

 

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BenchMark Energy releases Q3 and Q4 earnings guidance

Coldspring, Texas (September 20, 2013) – BenchMark Energy Corporation (OTC Pink:BMRK) began providing earnings guidance for its third and fourth quarter earnings based upon contractual agreements for glycerin purchase and delivery. The Company, which just recently achieved Current Information status through the OTC Markets’ disclosure platform, provided earnings per share guidance for a loss of $0.01 to $0.02 per share for the third quarter, and a profit of $0.01 per share for the fourth quarter 2013, with 23,247,121 Common Stock shares outstanding per its second quarter disclosure on OTC Markets’ website. Revenue guidance for the Company is between $250,000 to $300,000 for the third quarter, and between $1,000,000 and $1,100,000 for the fourth quarter 2013.

BenchMark [Energy Corporation’s] revenue has recovered significantly from the second quarter, reflecting management’s efforts to build a solid operational foundation. We secured transactions for 160,000 gallons in the third quarter and 1,500,000 gallons for the fourth quarter, equating to 4.5% of the expected domestic U.S. glycerin supply of 130 million gallons,” said BenchMark Energy Corporation’s CEO Mark Bateman.

The Company’s historical transaction volumes are:

2012 FY – 480,000 gallons (annual)
2013 Q1 – 36,000 gallons
2013 Q2 – 84,000 gallons

Forecasted transaction volume based upon signed and scheduled contractual deliveries are:

2013 Q3 – 160,000 gallons
2013 Q4 – 1,500,000 gallons

Including the previously announced Chinese contract, the Company has contractual commitments to sell at least 504,000 gallons monthly starting in the fourth quarter 2013 and continuing throughout 2014. This means that the Company would account for 6 million gallons of the domestic U.S. glycerin supply, or approximately five percent (5%) of the supply using expected 2013 domestic output.

The Company continues to work through its 90-day plan, with goals still remaining in Phase 1, including providing a fact sheet and investor presentation, engaging a PCAOB auditor, and concluding “work out” activities. Phase 2 activities have already begun as the Company focuses on operations to increase our share of the domestic glycerin marketplace.

ABOUT BENCHMARK ENERGY CORPORATION

BenchMark Energy Corporation (OTC Pink:BMRK) is the source for glycerin and related refined components, providing value through our industry knowledge.” – Our mission statement starts the story, but the rest is available at http://benchmarkenergy.com.

SAFE HARBOR STATEMENT

The statements in this release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.

INVESTOR RELATIONS

Ashlee Guzman
(832) 691-0011
investorrelations@benchmarkenergy.com
http://benchmarkenergy.com

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Posted by on September 20, 2013 in BLOG, Business, News, Public markets

 

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