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SGH

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54.5¢ slater & gordon limited

Yes, that's with PSD. SGH hasn't taken over them yet, and...

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bochman

819 Posts.

3

02/07/15

23:01

Post #: 15573373
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Originally posted by Grant62 ↑

The only problem to your logic is that the re-statements re: VAT (double counted) date from 2012. The corrections from last Monday has previously passed through 3 full years /end of year's, and 3 half-year financial reporting, with a further EOY now upon us. That's a long time for a recurring error to go unnoticed, and that's a lot of audits along the way.

But equally, why didn't the CFO pick this up, or more importantly, the Audit Committee. All 4 non-executive directors (including the Chairman) are members of the Audit, Risk and Compliance Committee. Accordicng to AR14, the Executive Directors, CFO and Company Secretary all routinely attended meetings of the Audit Committee, of which there were 5 held in F14, 5 in F13 and 5 in F12, so presumably, also, 5 during F15. That's a lot of meetings prior to last Monday's correction.

At 30/6/14, they had 2500 employees. According to the "About Us" at 9th April, they had 2600 employees. At 24th June, they had 3100 employees. Now, with PSD, they have 5600 employees. They can't all be lawyers?

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Yes, that's with PSD. SGH hasn't taken over them yet, and obviously the book is inspected by *cough* PP & EY. Why do you think Quindell is being investigated at the moment? All because of that, and more.

They only started this PSD acquisition early this year? So how many committee meeting did they have? 2? or 3? and you expect them to be so good in it that they can spot this, while their auditor EY & PP didn't spot it, at the time of the acquisition? Really?

Yes, SGH missed it, even with help of EY. But that's a far lesser crime than KPMG who did the book with quindell/PSD.
Should SGH takes responsibility for it? Yes, they should. Should they be punished severely because of it? No, i don't think so.

Last edited by bochman: 02/07/15

SGH Price at posting: $3.77 Sentiment: Hold Disclosure: Held
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