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Thanky

2,519 Posts.

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13/02/18

11:58

Post #: 31017109
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Originally posted by davmarc ↑

What you need to understand is my posts are worded the way they are for very good reason; I surely do not need to elaborate on that. Insightful questions and gentle prompts are far more useful than turgid waffle dressed up as research.

Ok so you want some research, well how about this.

The Auditor was appointed on 1st February 2015 to conduct an audit for the year ended 30th June 2013. Now, let's ask ourselves how reasonable is it to expect an auditor to express an opinion about something that occurred over two years earlier. Yes that's right over two years, because he is giving an opinion about the financial affairs of that company during the period 1.7.2012 to 30.6.2013. Now let's consider what ASIC and the Corporations Law says about the appointment of auditors (from the ASIC webpage).

"Companies
The directors of a proprietary company may appoint an auditor for the company if an auditor has not been appointed by the company in general meeting.

In accordance with s327A of the Corporations Act 2001 (Corporations Act), the directors of a public company must appoint an auditor within one month after the day on which the company is registered, unless the company, at a general meeting, has appointed an auditor. The auditor holds office until the company's first AGM, where the appointment is confirmed by the members or another auditor is appointed."

Thanky, I apologise for being lazy and uninformed but that's just me.

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Thanks for spending the time for the post it is very much appreciated.

A simple answer could be that BIG was not a publicly listed company in 2013 and so not bound by the same rules in the extract you pasted from the Corporations Act. Then in their effort to list to the ASX they went and had their accounts audited. Could that ring true to you?

Last edited by Thanky: 13/02/18

BIG Price at posting: $1.84 Sentiment: Buy Disclosure: Held
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