I guess the point @charlie.boy is making, is that even though...

I guess the point @charlie.boy is making, is that even though auditors run a laser eye over the accounts, they are not endowed with a sense of smell. Indeed, it is not within their brief to express an opinion that a valuation "stinks" or smells like "roses". This is common knowledge for experienced investors. But for the average punter (including me), this distinction is poorly understood. And it makes you ask "where are the checks and balances to protect me from a pile of poo?". In truth, there are (almost next to) none and you really need to DYOR.