RE: Restaurants, hospitals, airports etc...30 Apr 2020 08:35
Philip: I’m going to assume you don’t know how audits work.
If WSG couldn’t get their accounts ready for audit then yes, they’d have know it wasn’t going to happen on time sooner.
But it was clearly the BDO partner who made this call. Partners review the audit file gradually as the audit is done. On a smaller one, with a trusted team, they may not look at it until a way through the audit. They may then spot something that their junior colleagues have missed and so additional work is needed. If that happens too late then there is a chance that they have to delay. If that’s the case it’s hugely embarrassing for BDO rather than PF.
You have to remember that everyone is at home and so things will be more disjointed. On top of that Covid is an ver changing picture so provisions and forward looking statements are even more subjective than normal.
Honestly don’t think it’s a big issues (the delay). But I may be wrong.
Off our to start the day