Oakwell, Inc. is a 100% subsidiary of Oakwell Marine Services (a Singapore corporation), which is audited by a "Big 4" accounting firm. Prior to the 2003 audit, Oakwell, Inc. was audited by the same "Big 4" firm used by the parent company. We appealed to our parent company to allow us to change accounting firms that would better meet our needs for being a small corporation. Initially, we met some resistance from our parent company as they desired for our books and records to be audited by the same accounting firm that they use. Their concerns were elevated when we learned that the auditors had to sign off by January 9, 2004 (nine days after year-end), with the final financial statements and reporting package due by January 19, 2004. Despite these concerns, we eventually convinced our parent company to give another firm an opportunity to perform the audit and interface directly with the parent company's auditors.
We elected to have Briggs & Veselka Co. perform the 2003 audit. While certain accounting and auditing issues unique to our Company were encountered during the audit, Briggs & Veselka Co. performed an excellent job and met the deadlines identified by the parent company auditors. The service that they provided exceeded our expectations and the process as a whole went very smoothly. Briggs & Veselka Co. interfaced directly with the parent company auditors in Singapore and were able to address their questions and satisfy their requirements
We achieved what we initially set out to do when we changed accounting firms and we intend to use Briggs & Veselka Co. in 2004. We obtained exceptional service in 2003 from Briggs & Veselka and were very pleased with their performance during our audit. I would be happy to discuss this issue in more detail. However, suffice it to say I would strongly recommend Briggs & Veselka Co.
Alex Long
President
Vanessa Rodriguez
Accounting Manager
Oakwell, Inc. |