| Latest Forum Topics / Others |
 Post Reply
|
|
S-Chip
|
||||||
|
Hulumas
Supreme |
30-Mar-2009 13:10
Yells: "INVEST but not TRADE please!" |
|||||
|
x 0
x 0 Alert Admin |
A lesson costs some one millions.... Is that worth?
|
|||||
| Useful To Me Not Useful To Me | ||||||
|
Fishcake
Member |
30-Mar-2009 12:53
|
|||||
|
x 0
x 0 Alert Admin |
Totally agreed - auditors need to be prudent in their audit, be it good or bad time. I'm working in a US non-listed co. Recently I just rebuked the auditor from the big recognised audit co. - she asked me why there is a such a big drop in the stock in Dec kept by our distributors. I told her that it's due to festive period + distributors year-end closing, so they kept less inventory. And I told her this is the trend in the past few years, why she only asked now. She was muted. So, she was sleeping in the past few years audit and wake up only recently....
|
|||||
| Useful To Me Not Useful To Me | ||||||
|
|
||||||
|
Alligator
Veteran |
30-Mar-2009 12:29
Yells: "learning from past " |
|||||
|
x 0
x 0 Alert Admin |
never too late to learn. a lesson , especially very painful type, will make a person re-think strategy and change must take place | |||||
| Useful To Me Not Useful To Me | ||||||
|
Hulumas
Supreme |
30-Mar-2009 12:20
Yells: "INVEST but not TRADE please!" |
|||||
|
x 0
x 0 Alert Admin |
If only I had known it on mid 2008, That would be great. Would that be to late to know now?
|
|||||
| Useful To Me Not Useful To Me | ||||||
|
ekekeg
Veteran |
30-Mar-2009 11:10
|
|||||
|
x 0
x 0 Alert Admin |
My thinking is: In good times as in bad times, the auditors should be doing the same job of checking thorougly on listed companies' accounts and ensure they are reported accurately and meticulously taking into accounts everything that concerns the equity of the companies. This will do the shareholders a favour. Nevertherless, investing public would always like to be reassured that the staff of auditors refrain from using privy information to tickle the markets. We must observe this code seriously. Cheers. |
|||||
| Useful To Me Not Useful To Me | ||||||
|
|
||||||
|
Alligator
Veteran |
30-Mar-2009 10:58
Yells: "learning from past " |
|||||
|
x 0
x 0 Alert Admin |
March 30, 2009
S -chips under greater scrutiny
Auditors are focusing more attention on risky areas, such as cash flow
In the past few days, the auditors of China EnerSave, Sino-Environment Technology Group, Celestial NutriFoods and Ocean International have all raised doubts in audit reports over the capacity of these businesses to continue operations.
It joined the likes of FerroChina, China Printing & Dyeing, Beauty China, Oriental Century and FibreChem Technologies in having their shares suspended. Auditors are doing more checks on companies' books as they rush to complete their audit reports for companies with a Dec 31 year-end. 'The credit crunch and economic downturn have prompted the various parties to be extra vigilant,' said the vice-president of the Institute of Certified Public Accountants of Singapore, Dr Ernest Kan. That is not to say that they have not been doing their work, added Dr Kan. But the financial crisis and the recent reminders by the Accounting and Corporate Regulatory Authority and Singapore Exchange have resulted in auditors focusing more attention on risky areas. For example, auditors are now asking companies to do a cash flow and profit forecast for the year so that the auditors can assess their future prospects and see if the firms have enough funding coming in. This is usually not necessary in good times as cash flow is taken for granted, said Dr Kan. Read the full story in today's edition of The Straits Times. |
|||||
| Useful To Me Not Useful To Me | ||||||
