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Morningstar Fair Value $3.63, page-113

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ZMan

3,625 Posts.

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23/03/18

11:11

Post #: 31974970
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Originally posted by Busy Bean ↑

Did you read the announcement yesterday?

They confirmed that H1 financials are delayed as they are engaging a new top tier audit firm to review and ensure compliance with the new accounting standards. IMO this is very positive as they acknowledge a previous weakness and are trying their best to get it resolved and ensure full compliance moving forwards.

If they released the H1 results audited by the previous firm, nobody would believe them anyway, so no point. Much better we wait to get a set of figures we can trust and rely on for valuation purposes. The company can't do anymore than that at this stage.

Whether the numbers are good or bad is still to be seen, but the first stage is getting some that are reliable and enable us to make informed investment decisions.

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Not engaging top tier audit firm, they explicitly mention accounting firm.

Current auditor remains in place, the company cant replace the auditor without a shareholders meeting:
http://asic.gov.au/for-finance-prof...r-removal/removal-of-an-auditor-of-a-company/

So they are still going to have the same issues with the current auditor in place.

BIG Price at posting: $2.22 Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

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