Ann: CFO Appointment, page-15

It depends on your definition of proper. In my mind, Proper and legal are two different things, I didn't see AG and Co get locked up for illegal accounting procedures, so im guessing not illegal, Asic came and had a look and made them make some adjustments, they may have got fined or had to pay some fees, i cant remember properly but the point is the books must have been legal and were signed off by EY or whoever. Then one can look at WTG books and read that Pwc said their accounting of NIHL was on the aggressive side. So what this means to me is they are allowed to massage the books to a certain degree to fulfil the companies agenda, I.e If you want the companies SP up then apply "aggressive" accounting measures, If you want SP down then apply " conservative type" accounting measures.
This whole debarkle is a good example for you to see the differences in accounting procedures which are basically legal, you should be able to see the two extremes so to speak. So to me this means that when you run the magnifying glass over a companies books you can't just look at the numbers they present, you have to be able to work out what they are up to, how and why are they presenting the company in the way they do, this requires a good understanding of how the company operates and what it does etc which is harder than just reading the books, and then you can make a decision on whether the company's books are Proper, forget about legal it dosen't really matter to SH as they will always get screwed anyway if things go bad imo.