I believe that ( and I am sure others will be out there to correct me if I am wrong and I have very limited accounting knowledge) that one aspect of an external auditors' role is to look for misreporting, errors or potential fraud of a material consequence to the financial status of the entity being audited. I understand that there are differences of standards in the risks considerd by an external auditor to that of the internal auditor.
It may be possible that that the external auditors in ABS stuffed things up so badly in that they failed to comply with the basic external requirements. However it may also be possible that they had done their job properly. Much of the differences between the 3 external auditors are based on interpretaion of those accounting standards which is more than likely why the company and the exteranl auditors wont release these reports.
I feel that the only way a report will (eventually)be published is after legal proceedings have beein instituted.
ABS Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held
