I’ve seen this in practice at a number of companies. I’m honestly not even so worried about the public companies, it’s the private ones that really spook me.

It’s so unbelievably easy to lie with accounting if you aren’t obsessive about making everything fit together correctly. And I honestly don’t think most small company controllers out there know where to start.

20% haircut on inventory and fixed assets doesn’t even begin to fix what I’ve seen out there.