Ann: Change in Auditor, page-5

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Nijiman

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19/01/18

13:44

Post #: 30416692
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Originally posted by Slogger ↑

"The Board chose PwC on the basis of their reputation and experience, particular the numerous companies in the junior exploration industry operating in Africa.' -

not sure what this means: "...particular the numerous companies in the junior exploration industry operating in Africa.'" Does that mean that there are numerous junior exploration companies in Africa (well thats news to me)) OR does it mean given the numerous companies in the junior exploration industry in Africa that PwC audit???. Big difference in interpretation IMO and that statement is quite vague.

Would be interesting to have numbers on the junior exploration companies in Africa that PwC audit as compared to the previous auditor.

on the face of it an auditing firm is an auditing firm and lets face it they both have international offices in most countries and should have clients in all industries. If the previous auditors have no experience in the junior exploration industry or little experience in it in Africa then IMO companies would be reluctant to utilise their services. Having difficulty getting my head around the reason provided.

from what i understand there are auditing standards that are required to be followed - and if applied in the "spirit" of the standards one would expect that outcomes would be consistenet/similar with all auditors. However IMO there will always be differing interpretations of standards/legislation - just need to look at legal legislation that can be interpreted differently by differing law firms.

Will be interesting to compare future audited financials to previous ones and in particular how the accounting for exploration and other expenses are shown.

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It is a curious decision for sure.

Both E & Y & PWC have offices in Kampala in Uganda.

Really cant see there would be a lot to be gained in changing from 1 of the top 5 accounting firms to another of the top 5. But one never knows. I know from my own experience there are accountants willing to boldly go where no accountant has been before

Maybe they were unhappy about how the previous auditor was wanting to treat certain items in the accounts.

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