got fuel and spark, still wont start
 

My friend has a 88 prelude. he just rebuilt the engine by the book right down to the smallest bolt being torqued. I verified the timing was set correctly and the coil and distributor was installed correctly. When the switch is turned to the "on" position, I can hear the fuel pump running and when you remove the spark plugs after trying to start the engine,you can smell the fuel on the plugs also. It is getting spark as well and has been verified on all plugs. The engine will turn and turn forever but never starts. Any ideas?