Don’t mention a Tor node
Don’t mention a Tor node round that way.
They’ll have druids connection it to a ley line. Or something.
1456 publicly visible posts • joined 4 Apr 2008
Correct - “a true and fair view” which is itself an opinion, within the constraints of the relevant GAAP/IFRS/etc.
UK GAAP leaves room for judgement, rather than defining a set of account codes in micro detail against which transactions are posted. The flip side to this is that the judgement can be subjective (but based on available evidence obtained which could be fabricated), rather than “this widget invoice should have gone to line 12345 as per regulation 24.4b” (star fleet officers may not urinate in the lift at weekends, I think).
The purpose of an audit is NOT to detect fraud. This was drummed in from the equivalent of Audit 101 when I began my audit training in 1990 at C&L).
The auditors can not control whether company officers are presenting false information, but fraud could be detected (as a by-product) if evidence does not stack up, or the opinion could be “qualified” if sufficient information cannot be obtained to back up material items (I.e. those that would alter the opinion).
HPE are alleging that Lynch etc. acted fraudulently, and Lynch etc. are saying that it was nothing of the sort.
Deloitte (via their audit opinion) appear to back up Lynch so HPE seem to be clutching at straws...
“Working Papers” are the detail from the audit team’s investigation, which will then be summarised (by the audit manager) into a note for the Audit Partner to sign off/reject with a request for further info to be gathered. This will be filed at the end of the audit to provide the audit trail for the audit opinion, should it be needed (and for internal audit QA).
In my day (pre-1993) it was all paper, but will now be largely electronic/document managed.
I would be inclined to go with MacGregor as he has seen the working papers and can hence follow the logic on the opinion on the Accounting treatment, rather than Holgate who has been briefed by HPE (but not seen them).
With the audit trail at least you can see WHY the Deloitte opinion was arrived at, whether or not you agree with it.
In the early 2000's I heard of an expensive project (OFA/Oracle Express MDDB (OLAP) back-end on HP-UX) that was being put on hold and archived with the servers being repurposed.
The person responsible (not me!!) zipped up the application project code and associated databases, only for it to get FTP'd to the archive location as in ASCII mode (no idea why auto mode didn't assist here - maybe it wasn't available on the version used or was accidentally chosen).
This was eventually discovered and a desperate email was sent out asking whether any project team members happened to have personal archives of any of the development.....
No amount of WordPad/edlin/vi etc. would fix that one
Not fraudulent as no one (and least of all their accountants) looking to buy a company would go purely on Gross Margin.
If you did this on every transaction then someone would be questioning your Accounting Policies, but they would already be looking at Net Income, Gross to Net margin and Marketing Expense ratios.
For loss leaders then you would expect something like this, but not across all hardware transactions. HP as noted above will have done similar deal sweeteners for key or strategic accounts.
My first contract was at HMRC and one of the users' password was "Compaq" as that's what was on the monitor bezel right in front of him.....
I hope that his monitor didn't get swapped out for an Iiyama as he'd never have worked out whether it was a lower-case L or an "I".
(If you're reading this Les, hang your head in shame....;-))
The researchers "reserved a few of the opened cans from the exercise for our own consumption at the end of data collection"
What they meant to say was :" We considered it vital to determine whether the quality of the contents were adversely affected by the experiment. We ensured a large enough sample size for this exercise following data collection . Bøøørp!"
This looks like an attempt by a Ugandan in his shed to build a working helicopter from a few tin cans and a garden shed (as seen on https://m.youtube.com/watch?v=D21oQQ-zXAM ), except this time he has tried to copy the De Lorean....
At least the required crash testing will do $20k of improvements....