Polishing the stone: now that the flood of activity from the implementation of Sarbanes-Oxley has settled, regulators, auditors and insurers are smoothing the rough spots that remain in financial reporting.Key Points * The four largest auditing firms together audit about 75% of insurance companies. * The six largest auditing firms are calling for changes in how companies present financial information. * In the second year of Sarbanes-Oxley, compliance costs have dropped. Now that they have two years' experience complying with the Sarbanes-Oxley Act See SOX. , many industry leaders want to improve the way companies report their financial information. The landmark legislation, which was intended to improve accounting oversight
Oversight may refer to:
A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh , Tyco and WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. , went into effect in 2004. Many applaud the act for improving accounting standards, but say more should be done. In November November: see month. 2006, six large auditing firms proposed a new financial reporting method and called for other major changes. Meanwhile, Securities and Exchange Commission Chairman Christopher Cox said he's he's 1. Contraction of he is: He's going to school today. 2. Contraction of he has: He's already been to the museum. willing to scale back some of the more onerous on·er·ous adj. 1. Troublesome or oppressive; burdensome. See Synonyms at burdensome. 2. Law Entailing obligations that exceed advantages. demands of the act's Section 404--which requires that companies establish internal controls for monitoring financial reporting and then assess the success of those controls--for smaller companies that have said they find the provisions too burdensome. The SEC and the board expected to propose guidance to help auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together and companies interpret Section 404 sometime in December December: see month. 2006. And, in its second year of implementation, the cost of complying with the act has dropped, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. one study. "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have typical when any significant legislation is passed," said Bob MacDonald
Bob MacDonald , chief executive officer of Allianz Allianz SE[1], (ISIN: DE0008404005; IPA pronunciation: [alli-anz], and formerly AG) is a large financial service provider headquartered in Munich, Germany. Income Management Service and retired chairman and chief executive of Allianz Life Insurance Company of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "Initially, there is a huge impact, and there's a period where you make adjustments, make changes. The bottom line is that as difficult and cumbersome cum·ber·some adj. 1. Difficult to handle because of weight or bulk. See Synonyms at heavy. 2. Troublesome or onerous. cum as Sarbanes-Oxley was in the beginning, it had a very positive impact on the quality and substance of the management of public companies and improved the quality of auditing. It's had a positive impact on the quality of information you can see as an investor. "What we are seeing now is the normal process of adjusting and smoothing and polishing the stone to make it work better. It's just a part of smoothing out significant legislation," said MacDonald Mac·don·ald , Sir John Alexander 1815-1891. Canadian politician and the first prime minister of the Dominion of Canada (1867-1873 and 1878-1891). He is considered the organizer of the Canadian confederation, established in 1867. , who currently serves on the audit committees of two public companies. The Expectation Gap The six largest global audit firms in the insurance industry--ranked by insurance clients' net premiums written, according to A.M. Best Co.'s special report--are calling for major changes in the way audits are done. In addition to expected requests, such as standardizing global accounting, audit and enforcement standards, they'd they'd 1. Contraction of they had. 2. Contraction of they would. they'd have ~would like to reduce the liability that auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. firms face, implement forensic accounting Forensic accounting, sometimes called investigative accounting, involves the application of accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial Fraud and white-collar crimes procedures to help reduce the risk of fraud, and introduce a new reporting model that's more driven by forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , BDO International BDO International is a world wide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V. and Grant Thornton Thornton, city (1990 pop. 55,031), Adams co., NE Colo., a residential and industrial suburb of Denver; inc. 1956. Industries include oil and gas development and the production of computer graphics systems, wood products, coffee and tea, building components, infant International released the joint proposal at a financial seminar in November. The proposal calls for several measures to strengthen financial reporting and auditing. For instance, the executives call to complete the effort by the International Accounting Standards Board  An editor has expressed concern that this article or section is .Please help improve the article by adding information and sources on neglected viewpoints, or by summarizing and and the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). to harmonize the differences between international and U.S. accounting, and also develop a single global audit standard. "There's a sovereign aspect to accounting announcements," said Bill Boyd Bill Boyd is:
n. pl. con·ver·gen·cies Convergence. Noun 1. convergency - the approach of an infinite series to a finite limit convergence to be done slowly, and there's not a thing wrong with that. I think the whole process should go slowly. Let it carefully occur over a longer period of time." The audit firms also seek to address what they call the "expectation gap"--the unrealistic expectation that an audit can catch any and all fraud when it is only examining a sampling of financial transactions and records. "There are limits to what auditors can reasonably uncover, given the limits inherent in today's audits," the firms wrote in their proposal. "Specifically, unless companies or investors are willing to pay auditors to police all of a company's transactions, auditors are limited to using indirect means to ascertain whether fraud has occurred." These methods include reviewing the company's internal controls over the spending of money--a Section 404 requirement. "These methods clearly are useful, and indeed essential, to preventing and discovering fraud. But they are not fool-proof, nor can they be expected to be," the six firms said. The auditors suggest that all public companies be subject to a forensic Belonging to courts of justice. forensic 1) adj. from Latin forensis for "belonging to the forum," ancient Rome's site for public debate, and currently meaning pertaining to the courts. audit on a regular or random basis, or at the request of the shareholders, the board or audit committee. Forensic audits are more aggressive, "akin to a police investigation" of all of a companies' records, including e-mails. They also are more costly and intrusive in·tru·sive adj. 1. Intruding or tending to intrude. 2. Geology Of or relating to igneous rock that is forced while molten into cracks or between other layers of rock. 3. Linguistics Epenthetic. , and the audit firms suggest public companies should undergo one every three to five years. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, D. Lipman Lipman is a surname, and may refer to:
Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. firm Blank Rome LLP LLP - Lower Layer Protocol and president of the Association of Audit Committee Members Inc., said he was personally opposed to the idea of a mandatory forensic audit. "That should be up to the decision of the board of directors, not something mandated. It's extremely expensive for a midsized or small public company. And it can be a tremendous burden, worse than Section 404," Lipman said. However, he said he wouldn't oppose the SEC requiring companies to state whether or not they've considered a forensic audit. "At least they'd have an official position on it," Lipman said. "Then shareholders could make their own decisions about whether or not to invest in the company." If a company did undertake a fraud audit, it should be directed at its highest officers, "not go down into the janitorial floor area," Lipman said. "My objection A formal attestation or declaration of disapproval concerning a specific point of law or procedure during the course of a trial; a statement indicating disagreement with a judge's ruling. to Section 404 is there's no proof that a janitorial audit would have caught anything wrong at Enron or any of the other companies that were named in the corporate corruption scandals. Almost all controls can be overridden by the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and CFO See Chief Financial Officer. ." MacDonald said it's very difficult to catch fraud. "One of the problems I have serving on two audit committees is every year I have to sign a letter that says I know all of the information being reported is true. There is no way I can do that," he said. "That's unreasonable to expect a member of an audit committee to have that information. We can't smell fraud, and that's what the auditors are saying. What you are asking us to do is smell fraud, and if we can't smell it, we'll be held liable. No matter what you do, if someone wants to defraud To make a Misrepresentation of an existing material fact, knowing it to be false or making it recklessly without regard to whether it is true or false, intending for someone to rely on the misrepresentation and under circumstances in which such person does rely on it to his or the company, you can't stop them." Liability Cap The six audit firms suggest limiting the liability of audit firms. "It is well known that the liability exposure of all current lawsuits outstanding against our networks substantially exceeds our combined capital. Our firms are not and can never be the insurers of last resort of the capital markets," the companies said in their proposal. Limiting liability would help smaller firms compete, the big six said. The top four auditors--PricewaterhouseCoopers, Ernst & Young, KPMG and Deloitte--hold a 74.6% market share in the insurance industry, according to an A.M. Best Co. special report. The big six call for enforcement penalties to be limited to any individuals involved, not the entire firm. "It's rather self-serving self-serving adj. referring to a question asked of a party to a lawsuit or a statement by that person that serves no purpose and provides no evidence, but only argues or reinforces the legal position of that party. ," Boyd said. "So many of the things proposed were to make their lives easier and limit liability. They always want to do that. But the larger problem may lie with the tort tort, in law, the violation of some duty clearly set by law, not by a specific agreement between two parties, as in breach of contract. When such a duty is breached, the injured party has the right to institute suit for compensatory damages. liability system." In October 2002, Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing , a former big five accounting firm, was essentially put out of business when it received a $500,000 fine and five years' probation--the maximum criminal penalties--for destroying documents relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Enron, one of its clients. While the U.S. Supreme Court overturned the conviction in May 2005, it was not enough to breathe life back into the company. A New Day The big six firms are calling for a new financial reporting model that would offer more customized details and more forward-looking information. While financial statements have traditionally been backward-looking, the firms said companies should include more forward-looking information, including nonfinancial measures that can have a predictive value pre·dic·tive value n. The likelihood that a positive test result indicates disease or that a negative test result excludes disease. predictive value a measure used by clinicians to interpret diagnostic test results. for financial results. "I'm skeptical of that," Boyd said. "There'd be a greater tendency to exaggerate and place the publisher of such forward-looking information in the best possible light. While it is necessary for analysts to do pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma exercises, one has to ask how much credence can be given to these statements in a highly competitive market." The audit firms also said eXtensible Business Reporting Language, or XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. , allows a company to be more flexible in the types of information it provides to investors and also can provide real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. information. "Traditionally the numbers are backward looking, coming out three to six weeks after the quarter closes," MacDonald said. "It doesn't tell you what you might be looking at today. The idea that you could make financial information available online, almost in real time, and have the ability to make some comments, is a good thing. We ought to use the technology to provide this access, and disclosure might be good." MacDonald said he was concerned about who determines what type of information is released and how it is positioned. "You open yourself up to some risk from a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the and potentially from a fraud standpoint if you are making statements about what's happening today that you think is going to make things better in the future," MacDonald said. As for more detailed financial information, "If you have it, you should get it out there," he said. "That's the essence of Sarbanes-Oxley." Growing Pains grow·ing pains pl.n. Pains in the limbs and joints of children or adolescents, frequently occurring at night and often attributed to rapid growth but arising from various unrelated causes. For the companies in their second year of complying with Section 404 of the Sarbanes-Oxley Act of 2002, costs were less than in the first year. Section 404 requires companies to review their own systems to keep financial reports accurate and then also have outside auditors test those controls. While the auditing fees stemming from outside auditors' attestations to meet Section 404 requirements declined, the fees were still almost as much as the fees companies paid for their annual financial statement audit, according to a survey of 274 executives by Financial Executives International. Companies said they required an average of 22,786 people hours internally to comply with Section 404 in 2005, which was 11.8% less than was required in the first year of implementation. Companies also said they required an average of 4,889 external people hours, which was 18.9% fewer hours than the first year. The related external costs for respondIng companies averaged $1.3 million in 2005, which was 22.7% less than during the first year of compliance. Auditor attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her fees paid by the companies in 2005 averaged $1.2 million, or 13% less than in 2004. These attestation fees constituted 45% of the companies' total audit fees. In their first year of meeting Sarbanes-Oxley requirements, audit companies had to struggle with what their role is, MacDonald said. "They became paralyzed par·a·lyze tr.v. par·a·lyzed, par·a·lyz·ing, par·a·lyz·es 1. To affect with paralysis; cause to be paralytic. 2. To make unable to move or act: paralyzed by fear. in their ability to offer advice, to become involved with what a company was doing, which could have been detrimental det·ri·men·tal adj. Causing damage or harm; injurious. det  ri·men to companies and shareholders," he said. "We need
to address Section 404 so it's not so onerous."Learn More Allianz Life Insurance Company of North America (Member of Allianz Insurance Group) A.M. Best Company # 06830 Distribution: Independent agents, brokerdealers, marketing organizations For ratings and other financial strength information about this company, visit www.ambest.com.
Top 35 Audit Firms by NPW--Total
Industry
Rank is based on insurance clients' net premiums
written.
% Mkt NPW Ins
Rank Auditor Share ($ millions) Cos
1 PricewaterhouseCoopers 30.13 398,892.4 998
2 Deloitte 25.60 338,959.8 624
3 Ernst & Young 24.65 326,396.8 797
4 KPMG 16.58 219,527.5 704
5 BDO 0.38 5,055.1 78
6 Grant Thornton LLP 0.15 1,962.5 29
7 Strohm Ballweg LLP 0.14 1,897.3 32
8 Eide Bailly LLP 0.14 1,892.2 12
9 McGladrey & Pullen LLP 0.13 1,742.9 18
10 Johnson Lambert & Co 0.10 1,362.0 54
11 Carr Riggs & Ingram LLP 0.08 1,009.6 8
12 Seward & Monde 0.06 843.0 1
13 Plante & Moran LLC 0.05 708.7 13
14 Larson Allen Weishair & Company LLP 0.05 704.9 1
15 BKD 0.05 680.0 21
16 HLB Morales Padillo & Co 0.05 628.9 1
17 Jaynes Reitmeier Boyd & Therrell PC 0.05 606.8 18
18 Galusha Higgins & Galusha PC 0.05 600.4 2
19 Brown Schultz Sheridan & Fritz 0.04 585.8 28
20 Beard Miller Co LLP 0.04 576.8 11
21 Porter Keadle Moore LLP 0.04 521.2 3
22 Cherry Bekaert & Holland LLP 0.04 487.7 2
23 Blackman Kallich Bartelstein LLP 0.04 476.1 15
24 Andrews Hooper & Pavlik PLC 0.04 475.1 6
25 Calhoun & Co LLP 0.04 467.1 12
26 Armanino McKenna LLP 0.03 438.0 11
27 Dalby Wendland & Co 0.03 430.4 3
28 Ewbank Hunter Martin & Co LLP 0.03 415.9 24
29 Kernutt Stokes Brandt & Co LLP 0.03 411.2 1
30 Pershing Yoakley & Associates 0.03 397.9 5
31 Amper Politziner & Mattia PC 0.03 372.0 16
32 Larson & Co 0.03 369.4 11
33 Dixon Hughes PLLC 0.03 356.1 18
34 Brown Smith & Wallace LLP 0.03 353.1 11
35 Buffamante Whipple & Buttafaro PC 0.03 353.1 32
Total % Mkt Share of Top 35 99.02
Top 35 Actuarial Firms by NPW--
Total Industry
Rank is based on insurance clients' net premiums
written.
% Mkt NPW Ins
Rank Actuary Share ($ millions) Cos
1 PricewaterhouseCoopers 23.79 94,901.8 256
2 Milliman 18.52 73,870.7 345
3 KPMG 14.31 57,090.0 160
4 Deloitte 13.03 51,968.4 111
5 Ernst & Young 6.91 27,560.8 131
6 Towers Perrin 4.56 18,169.0 229
7 Beneficial Consultants LLC 3.05 12,147.7 15
8 Reden & Anders Ltd 2.98 11,895.3 45
9 Eckler Partners Ltd 1.80 7,175.7 44
10 Oliver T Wilson Inc 0.66 2,643.6 6
11 Pinnacle Actuarial Resources Inc 0.57 2,286.8 29
12 David B Trindle FSA MAAA 0.55 2,186.4 1
13 Regnier Consulting Group Inc 0.44 1,738.4 28
14 Mercer Consulting Group 0.41 1,641.5 34
15 Lewis & Ellis Inc 0.39 1,572.6 43
16 Co-operators, The 0.34 1,339.3 2
17 Kilbourne Co The 0.33 1,327.0 15
18 Huggins Actuarial Services Inc 0.32 1,261.4 25
19 Damian Birnstihl FSA 0.28 1,100.2 3
20 Lake Consulting Inc 0.26 1,033.9 6
21 Baron Insurance Services Inc 0.23 917.8 7
22 JS Cheng & Partners Inc 0.22 895.0 16
23 Huttleston Associates Inc 0.22 885.5 1
24 Actuarial Advisors Inc 0.19 768.1 18
25 Merlinos & Associates Inc 0.19 748.8 16
26 MBA Actuaries Inc 0.19 746.4 7
27 Buck Consultants Inc 0.17 687.7 1
28 Barbara V Scheil & Associates Ltd 0.17 682.6 1
29 Streff Insurance Services 0.16 633.7 19
30 Wakely Consulting Group 0.15 598.7 5
31 Jeffrey D Miller FSA MAAA FCA 0.14 565.4 4
32 Bickerstaf Whatley Ryan & Burkhal- 0.13 521.6 19
ter
33 Butler Dunlap & Lindquist LLC 0.13 521.6 16
34 Stergiou & Gruber Risk Consultants 0.12 490.7 12
Inc
35 Bartlett Actuarial Group Ltd 0.12 487.7 2
Total % Mkt Share of Top 35 96.03
Note: Accounting and actuarial firms used by insurers were identified
from 4,231 North American insurance companies' year-end 2005 statutory
filings. The universe of insurers wrote more than 98% of industry net
premiums but did not include companies designated "NR-1" (Insufficient
Data) by A.M. Best, where data were obtained from the NAIC, or
restricted-information companies, which usually were new insurers.
Source: A.M. Best Special Report
Top 15 Audit Firms--P/C Only
Rank is based on insurance clients' average policy-
holders surplus.
Avg Client
PHS P/C
Rank Auditors ($ millions) Companies
1 Cherry Bekaert & Holland LLP 281.2 2
2 Mader Tschacher Peterson & Co 153.1 1
3 Berberich Trahan & Co PA 119.3 1
4 Porter Keadle Moore LLP 111.3 3
5 Swink Fiehler & Company PC 93.5 1
6 Deaton & Co Chartered 88.5 2
7 Musco Marchewka & Co PA 84.2 1
8 Weaver and Tidwell LLP 77.7 1
9 Mallette LLP 72.6 1
10 Rosenberger Schwarts & Co 52.2 5
11 Dean Dorton & Ford 50.0 2
12 Tullius Taylor Sartain & Sartain LLP 47.3 1
13 Pisenti & Brinker LLP 43.6 1
14 Warren Averett Kimbrough & Marino LLC 43.1 1
15 Kutas & Hawes PC 42.9 1
Source: A.M. Best Special Report
Top 15 Audit Firms--L/H Only
Rank is based on insurance clients' average capital
and surplus.
Avg Client
C&S L/H
Rank Auditors ($ millions) Companies
1 Seward & Monde 1,593.5 1
2 McCay Duff & Company LLP 242.2 1
3 Larson Allen Weishair & Company LLP 137.6 1
4 Ginoli & Company 130.7 1
5 Kernutt Stokes Brandt & Co LLP 112.8 1
6 Tait Weller & Baker 92.6 1
7 Allen J Lambert 76.3 1
8 LeBlanc Nadeau Bujold 65.3 1
9 Horovitz Rudoy & Roteman 56.2 2
10 McGee Hearne & Paiz LLP 51.3 2
11 Dalby Wendland & Co 49.6 3
12 Brown Edwards & Co LLP 42.9 1
13 Loeb & Troper 39.8 1
14 Symonds Evans & Co 38.3 1
15 Frank J Baker & Company Ltd 36.1 1
Source: A.M. Best Special Report
Top 15 Actuarial Firms--P/C Only
Rank is based on insurance clients' average policy-
holders surplus.
Avg Client
PHS P/C
Rank Actuary ($ millions) Companies
1 Beneficial Consultants LLC 3,003.6 15
2 Co-operators, The 493.2 2
3 Oliver T Wilson Inc 350.0 6
4 Bartlett Actuarial Group Ltd 281.2 2
5 Richard E Sherman & Associates Inc 242.3 3
6 Marsh Management Services Inc 175.6 3
7 Pinnacle Actuarial Resources Inc 112.6 29
8 Baron Insurance Services Inc 111.4 7
9 JS Cheng & Partners Inc 105.7 16
10 Centre Group Holdings 91.5 2
11 Woody Beckman 91.0 1
12 IAO Actuarial Consulting Services Inc 86.2 1
13 Faliquist Actuaries Inc 76.6 1
14 Regnier Consulting Group Inc 54.5 28
15 Taylor & Mulder Inc 48.5 1
Source: A.M. Best Special Report
Top 15 Actuarial Firms--L/H Only
Rank is based on insurance clients' average capital
and surplus.
Avg Client
C&S L/H
Rank Actuary ($ millions) Companies
1 David B Trindle FSA MAAA 907.9 1
2 BBFS Consultants Inc 389.0 1
3 Lake Consulting Inc 307.6 6
4 Insurance Strategies Consulting LLC 292.7 3
5 Buck Consultants Inc 222.7 1
6 Huttleston Associates Inc 202.0 1
7 Richard A Swift Inc 183.8 1
8 James D Lamb FSA MAAA 175.7 3
9 David Llewellyn 117.3 1
10 Actuarial Management Resources Inc 93.8 4
11 Michel Giguere Universite Laval 91.5 1
12 Jeffrey D Miller FSA MAAA FCA 87.0 4
13 NoraLyn Ltd 85.1 1
14 ESILINS Inc 67.8 3
15 Van Elsen Consulting Inc 63.2 1
Source: A.M. Best Special Report
vdgjhbn htt (Member): 6/28/2009 1:41 PM
off topic but you guys in the business need to know.<br>Be aware of these machines(http://www.sasso-usa.com), they are with software bugs & mechanical defects also they have a hidden parameter that can be programed to stop the machine after a number of working hours , so you would have to call them for assistance. The pressure rollers jam and the materials slide on the conveyor-belt. Also they rust easily. |
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