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# 76 : Sunday 23-4-2017 @ 09:49
 
 
Thats ridiculous, how much will an audit cost ?
Probably more than the 60000 that they need to account for.
i hope they got three quotations and they picked the lowest one.
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# 77 : Sunday 23-4-2017 @ 17:40
 
 
Someone said :
Thats ridiculous, how much will an audit cost ?
Probably more than the 60000 that they need to account for.
i hope they got three quotations and they picked the lowest one.

Why would an audit cost that much? And where are you seeing there is 60,000 unaccounted for?
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# 78 : Monday 24-4-2017 @ 01:32
 
 
Someone said :

Why would an audit cost that much? And where are you seeing there is 60,000 unaccounted for?

how much does an audit cost?
Its in the lit quoted on this thread.
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# 79 : Monday 24-4-2017 @ 17:22
 
 
Someone said :

how much does an audit cost?
Its in the lit quoted on this thread.

No idea.

There isn't 60,000 unaccounted for. The 60,000 figure does not relate to 1 transaction but multiple and is a reference to transactions above or below that. 60,000 isnt in discussion. Transactions above and some below 60,000 are in discussion.
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# 80 : Monday 24-4-2017 @ 19:05
 
 
Someone said :

No idea.

There isn't 60,000 unaccounted for. The 60,000 figure does not relate to 1 transaction but multiple and is a reference to transactions above or below that. 60,000 isnt in discussion. Transactions above and some below 60,000 are in discussion.

Lack of accounting is actually in discussion and they have to have a forensic audit and it would be a good idea for them to be transparent about how much that will cost and how much whatever new book keeping procedureswill cost them.
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# 81 : Tuesday 25-4-2017 @ 20:04
 
 
Someone said :

Lack of accounting is actually in discussion

Is it? I genuinely don't know but my reading of it was accounting wrongly. I think there is a differenve between accounting wrongly and not accounting.
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# 82 : Tuesday 25-4-2017 @ 20:55
 
 
I thought the issue was lack of reporting. That is, that the board was not told of certain transactions that were reflected in the financial records.
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# 83 : Tuesday 25-4-2017 @ 22:01
 
 
Someone said :
I thought the issue was lack of reporting. That is, that the board was not told of certain transactions that were reflected in the financial records.

That was my reading of media coverage as well
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# 84 : Wednesday 26-4-2017 @ 00:03
 
 
but then why have an audit? if procedures weren't followed that would need a different course of action than an accounting firm to do an audit?
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# 85 : Wednesday 26-4-2017 @ 07:45
 
 
Someone said :
but then why have an audit? if procedures weren't followed that would need a different course of action than an accounting firm to do an audit?

I'm not sure that's the case. Where I work, there are two annual audits - an internal one commissioned by our board and one done by the state. In the past, we were also subject to EU checks (though never a full audit). From the conversations with senior managers and my colleagues in our finance section, and from my experience with the EU financial checks, examinung the procedures - both what they say and whether they were followed - are they central focus of an audit. The auditors don't typically start out looking for fraud or other misspending.
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# 86 : Wednesday 26-4-2017 @ 10:13
 
 
Someone said :
I thought the issue was lack of reporting. That is, that the board was not told of certain transactions that were reflected in the financial records.

Yes. Thats what I meant really.
Reply
 
# 87 : Thursday 27-4-2017 @ 12:38
 
 
Someone said :

I'm not sure that's the case. Where I work, there are two annual audits - an internal one commissioned by our board and one done by the state. In the past, we were also subject to EU checks (though never a full audit). From the conversations with senior managers and my colleagues in our finance section, and from my experience with the EU financial checks, examinung the procedures - both what they say and whether they were followed - are they central focus of an audit. The auditors don't typically start out looking for fraud or other misspending.

It must depend on the typeof audit because these auditing firms that just check the books are correct a dont look for fraud every one of them they signed off on every single part of our banking crash and they were part of the regulatory system and they cost a lot of money.

With a procedural problem if the books are fine it seems ridiculous to incur the cost of an accounting firm ?
A training day seems more appropriate and a cheaper option.

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# 88 : Thursday 27-4-2017 @ 12:50
 
 
all i want to know how did they keep the fish frozen
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# 89 : Thursday 27-4-2017 @ 15:16
 
 
I think the term is forensic auditing. Everything is examined in detail, something that happens during proposed takeover of company or where fraud is suspected.
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# 90 : Thursday 27-4-2017 @ 19:16
 
 
Forensic accounting! What does that cost ? Its a bit "overkill" for what appears to be an administrative issue and not an accountancy issue .
That solution is not fit for purpose ,it depends on the cost i suppose but if there is no financial issue its very hard to justify the cost of this.
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