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February 24, 2011

February 24, 2011. Makenzie Cernosek Jeannie Tran Andrea Bellew Hiwot Gebriel. Randall n. drake, cpa. Randall N. Drake, CPA is a licensed Public Accountant in the State of Florida Certified Internal Auditor Member, American Institute of CPAs (AICPA)

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February 24, 2011

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  1. February 24, 2011 Makenzie Cernosek Jeannie Tran Andrea Bellew HiwotGebriel

  2. Randall n. drake, cpa • Randall N. Drake, CPA is a licensed Public Accountant in the State of Florida • Certified Internal Auditor • Member, American Institute of CPAs (AICPA) • Member, Florida Institute of CPAs (FICPA) • PCAOB Registered Firm

  3. Statement of values/mission/ethics • Demonstrating the highest level of integrity and passion, Randall N. Drake, CPA, exists to deliver valued services to businesses and individuals, providing the necessary knowledge, skills and processes to achieve strategic objectives.

  4. SERVICES provided • Public Company Services • Audited Financial Statements • Sarbanes-Oxley Compliance • Mergers & Acquisitions • 10-K & 10-Q Assistance • Consulting & Management Advisory Services • Consulting Services • CFO Services • Controller Services • Non-Public Company Services • Accounting and Auditing • Taxation Services • Bookkeeping and Payroll Tax Services

  5. Issues Related to Quality Controls 1. Audit Performance • Testing Appropriate to the Audit • Organization costs • Valuation • Acquisition of Intangible and Tangible Assets • Convertible Preferred Stock • Impairment of Intangible Asset • Using the Work of a Specialist • Evaluation of Opening Balances and Consistency of Accounting Principles 2. Technical Competence

  6. Responses related to Audit Performance • Hired an experienced Senior Audit Manager • CPE related to audit performance • Hired Additional Staff • Established minimum documentation criteria acceptable for an audit

  7. Responses related to Quality Control • Hired a Senior Audit Manager • Additional CPE • Represented at the Small Business Forums • Further improvements are ongoing

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