Hi Manny, you asked me a while back why some people don't and/or can't take reported numbers at face value and why some like to pull them all apart and see how they move through the print etc.......... Heres an article on the dodgy quality of audited accounts in the UK by Coopers, EY etc ..the Big 4 and others. The regulator is only asking for 90% of the print/books to be correct or within reason but these highly experienced firms that charge insane amounts of monies for their 'auditing' etc can only get 75% correct when they know they are being looked at! This is also in the UK, not over here in cowboy country, god only knows what the correctness ratio is like here!
This fella Stevo thinks its unacceptable this 75% weak effort.......maybe he's got a point In theory if someone had 20 different shares at least 5 of those would have dodgy books if one only took face value . It's like a minefield out there Manny imo, where does CTD sit in the ratio ?
" At a time when the future of the audit sector is under the microscope, the latest audit quality results are not acceptable,” said Stephen Haddrill, the FRC’s chief executive"
In theory if someone had 20 different shares at least 5 of those would have dodgy books if one only took face value . It's like a minefield out there Manny imo, where does CTD sit in the ratio ?
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