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November 14, 1986 TO: TAO Board of Directors I spoke with Gerald Cook
who is Dee’s partner for audits. It looks like it will be at least two weeks before
he can get to us. He is going to get us the name of another auditor if it
looks like it will be longer. In the meantime, to save
money and time, I suggest the following: 1.
Ask Richard (in
writing) for a list of all contributors to TAO Philadelphia Fund. Ask him to
construct the list from memory if there is no written record. 2.
Ask Richard (in
writing) for all records of the Fund including any subsidiary journals or
ledgers he may have. 3.
Ask your
bookkeeper (in writing) for any and all records,
receipts, or documentation she may have regarding any transaction with the
Fund. Also ask her for a brief description of the
accounting procedures she established for the Fund, especially regarding her
procedures for consolidating the Fund into TAO’s balance sheet and income
journal. If there are general journal entries, have her make a copy of the
typical entry. 4.
Conduct a
physical inventory of all items that were purchased by the Fund and that the
items be assembled some place where an auditor can
verify them. 5.
Have Richard
provide receipts for the items that were purchased.
This includes mining equipment and the silver. 6.
Verify the
weight of the silver and get a current value based upon spot price for junk
silver. (MRC can help.) [Robert Machiz] |
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