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As an ex-auditor I can't see what the excitement is all about. If Banco wanted clarification re the audit report, I'm sure they would have received a copy anyway, no need for it to be put out in a RNS. Most conveniently, everyone appears to be ignoring the fact that the auditor expresses doubt over going concern:
"Material uncertainty relating to going concern
We draw your attention to note 2 which indicates the existence of uncertainties in relation to assumptions about future trading and the quantum and timing of financing transactions that support the going concern basis of preparation. As stated in note 2, these events or conditions, along with other matters as set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the Group's and company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."
All the audit report has done is confirm the accounts (within materiality levels) were prepared in accordance with statutory requirements,, nothing more, nothing less. It does not guarantee that the company is solvent/can continue operations for the next 12 months, quite the opposite, they have clearly stated there is material uncertainty as to the company's ability to survive.
Bet you're fun at parties Trev
Itโs not just the audited confirmation of accounts itโs also banco bpm signing sace agreement ๐
Funny that you only pick up on the going concern part which we knew as it was in the original eoy statement ๐
Good Morning Trevor...
While you are absolutely right in everything that you say , the reason for the little ripple of excitement is that many believe that we may be about to finally get our white label proposition up and running and in so doing we will go from talking to doing and hopefully some meaningful revenue.
I am no happy clapper or cheer leader but i do have a fair bit in here and it would be great to see some progress that gets the sp off it's knees...
G L A
Trevor
You really don't get it do you...
Audits run in the background in 99.99% they don't trigger an RNS but yesterday's was an exception because Banoco BPM need to complete due dilligence and vetting SYME and to do so it needed a clean set of financials hence the RNS and the lengthy disclosures and transparency.
Banoco BPM needed this before contract sign off and notifying it's investors!
MisterGreen, I get where you are coming from. I just hope people aren't putting 2 and 2 together and coming up with 5 re the Banco announcement. Can't say it hasn't happened before with Syme! Having got in before all the hype what seems like a lifetime ago now, I still hold some shares and would love to see this come good but I've seen too many false dawns to get excited over an audit report (especially one that has a material going concern qualification)!
Trevor
How many RNS's have you seem dedicated solely to a lengthy 'independant' audit?
Well Trevor , if we could monetise false dawns we'd be laughing - whether this turns out to be another one - we will just have to wait and see :)
TwoGood - The audit report would have to be filed alongside the financial statements and therefore in the public domain, so why the need to RNS it? Your theory doesn't stack up.
Trevor
It doesn't need to generate a separate highly detailed RNS dedicated to just to an audit...even you know that claiming to be an ex auditor ffs!
Because finally the really big IM deals are clearly on their way! Intraday or after hours today would be fantastic but has to be on the near horizon now! IMHO DYOR
Trevor
Yesterday's RNS when way beyond what was required for effectively a group comprising three small conpanies and it would have been expensive to produce and completely unnecessary if it was a standard audit report...
That RNS was driven by Banoco BPM as part of its due dilligence and vetting process to ensure a key supplier has a clean set of books that the bank can present to its own internal audit committee that a potential supplier meets its due dilligence requirements..
Have you seen just how long and drawn out yesterday's Independant audit RNS was way too thorough for a standard annual financial audit and designed to give a clear green flag to any third parties engaging with SYME..
Trevor
SYME were late filing their annual report due by end of April.
TW reported them to FCA highlighting this failure including absence of published audit report an suggested FCA suspend them.
SYME scurry around and publish audit opinion in separate RNS and say annual report will be out shortly so still overdue
Theanalyser
You got TW on speed dial as Tom seems awfully quiet these days wonder why lol!
Trevor maybe its due to TW reporting them to the Fca and the auditor are clarifying everything has been done to the letter.
The bod are looking into other funding routes so they don't have to rely on Tag the best thing they could do is get the White Label deal done with BPM so they are derisked.
Agreed, so people are putting 2 and 2 together and coming up with 5 in relation to Banco.
Nearly as dodgy as his nibs ruining the show here lol.
No TW tweeted about it yesterday.
Theanalyser
I see Tom Winnifrith has dispensed with publishing any more disparaging articles in his rag mag calling SYME a fraud and investors gerbils lol
He called it a fraud 3 hours ago.