We are preparing to drop a fairly comprehensive Audit Fee data base. Long time coming but one of the real challenges is that there can be some wonky data and it is what it is. I am spending time trying to devise tests to evaluate the quality of our parsing and data assignment code. One of the tests I dreamed up is checking if the Date of the Audit Report precedes the dissemination data by more than 10 days. Here is a screenshot of the audit report for CSW Industrials (CIK 1624794) for the year ended 3/31/2022.

Here is a screenshot of the auditor’s signature:

It is not a huge issue, the filing was made on 5/18/2022 and perhaps someone felt harried when doing the final checks. For us though, it raises a significant question – when do we have liberty to change data after it is reported? I am so reluctant to make changes because that seems like a slippery slope. What is the source of truth? As an aside, the auditor submitted an Exhibit-18 describing the change from LIFO to FIFO that was filed with the 10-K. That has the date 5/18/2021.

We have identified about 100 different cases of similar/adjacent issues. Trying to validate that what we are doing is correct is our primary focus. A secondary issue though is to decide what to do. As I write this I am more inclined to use the 5/18/2021 date just because the 10-K should be the source of truth.