1. Showing respect doesn't mean feeling precious about the industry. Your point of generalising all auditors into one group of inept bunch are quite disrespectful whether you’d admit or not. There are hundreds of thousands of auditors out there, and a few bad ones are not a representative of the population. Can you say all Australians are pro coal if only ScoMo and a few of his friends are?
2. Auditors as qualified chartered professionals are refrained under accounting standards to speculate about unsubstantiated future claim. Audits are also carried out on historical numbers and not future unknown. The ENTIRE report is clearly for 30 June 2018 and Note 18 is a reference to the "Non-Current Liability" per page 18 of 72 which is historical in nature being balance sheet as at 30 June 2018. To address any events that could potentially occur post 30 June 2018 and signing of report will be under "Subsequent Events" per ISA 560 / ASA 560. Clearly 30 September 2018 is beyond the signing of audit partner and not within their scope to provide comment regarding whether AJM will be in breach or not. The auditors are not wrong in this case for not amending Note 18.
3. Call it however you want, but at least show respect to other professions because not everyone is a bad apple.
Thanks.
AJM Price at posting:
23.5¢ Sentiment: None Disclosure: Held
