TheTinMan99 0 Posted October 1, 2013 Share Posted October 1, 2013 Load of unnecessary panic by the sounds. Wages are too high but money hasn't been stolen, and we aren't going into administration again. Is this the new benchmark? We're not going into administration, as you were. I wish chucky had taken you to France with him, and you both lived happily ever after. Kick in the baws away from £3m for a years work, and you say nothing was "stolen". Ally and his two bandit assistants should have wearing masks last year also. 100% director bonuses, 3/4m for a manager to struggle over a pub league, and an operating loss of £14m. Let us know when you think we should start to panic. 0 Quote Link to post Share on other sites More sharing options...
bossy 0 Posted October 1, 2013 Share Posted October 1, 2013 They are rejecting the latest resolution from the concerned shareholders tryting to get new Directors appointed. I can see this ending up in court. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,240 Posted October 1, 2013 Share Posted October 1, 2013 They are rejecting the latest resolution from the concerned shareholders tryting to get new Directors appointed. Do those new directors or the chairman ring well with you? Just asking. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted October 1, 2013 Share Posted October 1, 2013 Boss is no fool with financial figures and he seems very calm. So i'm not just coming to the conclusion myself. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted October 1, 2013 Share Posted October 1, 2013 Load of unnecessary panic by the sounds. Wages are too high but money hasn't been stolen, and we aren't going into administration again. We aren't going into adminstration? That's a big assumption. The fact that it's a clean audit report doesn't mean a huge amount. Taking it to extremes the auditors may have seen a business plan whereby we sell the stadium for £10m on a sale and leaseback and that will keep us going for another 12 months but after that we run out of money and don't have ownership of the stadium. As for cash being stolen, the fact that directors can award themselves huge bonuses or earn effective interest on loans of 94% may not technically be theft but there's northing to be positive about it. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 1, 2013 Share Posted October 1, 2013 Yes but the auditors also need to consider the going concern issue up to the point of signing off the accounts. So whilst the financials are only through June 30th, Deloitte have considered going concern till almost end of September !! What about "opinion shopping"? (Note that we're already on our 2nd NOMAD... Why couldn't we keep Cenkos despite Malcolm Murray supposedly pleading [see images below*] with Green & co not to change? Was there perhaps a form of opinion shopping going on there? Were Cenkos maybe unhappy with certain aspects of Green & co's governance? Were Cenkos too strict for Green & co or was the NOMAD switch simply about bypassing the lock-in period?) Back to the "going concern issue": What about fears of a "self-fulfilling prophecy" as they call it? There's some quite astounding stats on this with a massive amount of companies which go under having been given a seemingly clean bill of health immediately before sinking. *Here's the leaked M. Murray emails as a single image: 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted October 1, 2013 Share Posted October 1, 2013 Boss is no fool with financial figures and he seems very calm. So i'm not just coming to the conclusion myself. I'll do a little "opinion shopping" of my own and wait till our resident Gersnet accountants give us their considered opinions. 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted October 1, 2013 Share Posted October 1, 2013 Pardon my ignorance does that mean Deliotte view us as a going concern till 2014? No worries Sir. They believe we are a going concern till June 30, 2014 - their remit is to consider the entity as a going concern for at least 12 months beyond the Balance Sheet Date. The narrative is here : The auditor has a responsibility to evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited (hereinafter referred to as a reasonable period of time). The auditor's evaluation is based on his or her knowledge of relevant conditions and events that exist at or have occurred prior to the date of the auditor's report. Information about such conditions or events is obtained from the application of auditing procedures planned and performed to achieve audit objectives that are related to management's assertions embodied in the financial statements being audited, as described in Auditing Standard No. 15, Audit Evidence Note the reference to "not to exceed one year beyond the date of the financial statements being audited" - I suspect that is because another audit would be anticipated in the following year. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 1, 2013 Share Posted October 1, 2013 This article from the New York publication The CPA Journal dates back to 2004, but it's an interesting read nonetheless, especially the section titled "Why Auditors Fail to Comment on Exceptions to the Going-Concern Assumption" - The Going-Concern Assumption Revisited: Assessing a Company’s Future Viability 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted October 1, 2013 Share Posted October 1, 2013 Load of unnecessary panic by the sounds. Wages are too high but money hasn't been stolen, and we aren't going into administration again. How do you determine we arent going into administration again ? On what basis do you make such a confident claim ? A thorough review of the financials or just guesswork ? 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.