Question

The Overstock-Grant Thornton dispute was publicly aired via disclosure statements filed with the SEC. What impact do you believe those disclosures had on the investing public's confidence in the financial reporting domain and the independent audit function? Were the interactions between Overstock and Grant Thornton unprofessional or otherwise inappropriate? Explain.

Answer 1

Based on research of Overstock's monetary achievement, obviously these divulgences affected Overstock's exchanging cost. Speculators and clients of the budget reports still have exclusive requirements that the autonomous inspectors guarantee that fiscal reports are genuinely spoken to. This has affected review and the board duties and puts more weight on accomplices and officials to decently speak to their fiscal summaries. I think Grant Thornton acted improperly because of their conflicting utilization of the $785,000 A/R/Gain Contingency. Award Thornton didn't at first recommend making a modifying passage therefore Overstock gave their 10-k with the $785000 as addition possibility