Great post OusiaI agree completely.Since the audit report was...

Great post Ousia

I agree completely.

Since the audit report was released (dated 30 Sep) I have posted a couple of other matters relating to management, auditors, corporate governance etc that were anomolies in the accounts re disclosure and duty of disclosure. You can find them in NBS thread around that time.

My posts are not quite as well phrased as yourself, and for this I apologise if people did not receive the heads up back then.

A disgrace, IMO, that the Auditors have release an unqualified report given the insolvency/credit risk.


Bear in mind too, even if the money is received now it was all invoiced in foreign currency and reported in the accounts in AUD. The Aussie $ has strengthened so much since then that so there will be massive hits to the P&L since the AUD receipts (if they happen) will be materially less than the amounts shown as AUD debtors in the accounts.
(I think I calculated $10m negative FX difference when I last posted on this at start of Oct).
I believe that Auditors should have drawn specific attention to this material item since it was known at the date of the audit report at 30 Sept.


This whole thing stinks IMO.