I agree. Sloppiness is evident in ASX published accounts, let alone non-public companies.
A couple of years ago ago I was reviewing a non-bank lender’s accounts when it became clear that there was a $130m liabilities disclosure error in the KPMG audited accounts, nearly half the total liabilities for the organisation. I rang the company, only to find that they wouldn’t comment as they were under review by both ASIC and APRA. This was a stupid, fundamental error which would have been picked up by a second year trainee 40 years ago. Really, really basic financial accounting. If they cannot get that right, it’s amazing that the error rate is only 25%!
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Inquiry into Auditors in Australia, page-4
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