EY submission to the Federal parliamentary inquiry into audit quality with EY carrying out “independent” non-audit work whilst being the auditor is unbelievable.
The conflicts involving their auditor Ernst And Young LLP doing the external audit and also a lot of self assessments of their governance, risk and compliance appear to require a whole lot of rework. NAB remains vulnerable to attack as sholders and NAB cannot really reclaim the money from Ernst and Young.
Royal Bank of Scotland fell into similar problems under McEwen in Scotland and England and it looks like similar problems are invading NAB.
Presume that these reports will all have to be done by an unconflicted party or by costly new internal staff. Also puts them back in the gun sights of the regulatory regime in Australia whatever that is.
NAB SP 1.19% off yesterday, unfortunate that the rot set in before it was a little higher IMHO.
NAB Dividend ??, page-27
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Last
$35.69 |
Change
-0.380(1.05%) |
Mkt cap ! $110.5B | |||
| Open | High | Low | Value | Volume |
| $35.93 | $35.99 | $35.58 | $124.5M | 3.486M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 4695 | $35.69 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $35.75 | 1000 | 1 |
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| Last trade - 16.10pm 02/07/2024 (20 minute delay) ? |
| NAB (ASX) Chart |