Thanks Henrik,
yes, my observation was only partly tongue in cheek. Similar articles in todays AFR.
The point is - anyone that has had experience in many mid cap firms at a senior level would know that the auditing process can be not much more than a joke (certainly in the past that was so.)
A flock of near-graduate accountants turn up for a couple of days, trudge through piles of whatever got put under their nose then leave again with a cheque.
Lots of nasty surprises all over the place imo, but who is going to go looking for anything but the worst which will reveal themselves anyway when the money runs out.
Cheers,
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