Member Info for HereKittyKitty

6 days age I was ridiculed for posting this:

Here is the report
https://www.boohooplc.com/sites/boohoo-corp/files/final-report-open-version-24.9.2020.pdf

Page 127
"Three respondents190 said that some factory owners in Leicester were committing VAT fraud. Witness 413 described three factories within Leicester and said that they were “engaged in large scale VAT fraud in a way that even the HMRC would be unable to detect”."

Anyways, all know, Boohoo given all clear.

As I said yesterday, if you pay a builder cash its up to them to declare VAT not you.

Factories are accountable for their OWN employment practices & VAT payments.

BMW don't go to Pirelli & check they are paying minimum wage or VAT as its not their job to do so, its up to HMRC & government to enforce.

They didn't, the factories did, as outlined in QC report

I'm sure if you make a Stand it will Deliver
Well, your money or your life

Auditor changed every 5 years - best practice - Boo are doing that

If anything was wrong in last 5 years then PwC are liable as current incumbent auditors (remember that!)

PwC are not in the selection going forward as a) a change is good & b) they did not audit that well based on QC findings

QC Audit is in black & white with VAT/pay issues all known

Its nearly Halloween so maybe they will find lots of spiders, bats & spooky stuff. Or maybe they will just get on with auditing as if there was anything missed PwC would be liable!

Yep I'm buying at this level. 350 riskier with bad news but this level a bargain. PIs don't get public companies change auditors every 5 years lol. MMs must be laughing their butts off.

Boohooman was all over Sky Sports Golf

4% gain already nice

no brainer - congrats

MMs having a laugh @ panic PIs

Why companies replace their external auditors
Public companies must rotate engagement partners every five years, as mandated by the Sarbanes-Oxley Act.
https://www.complianceweek.com/accounting-and-auditing/why-companies-replace-their-external-auditors/26741.article

Did this on ASOS - buy in dip & make a killing on recovery
If you are in higher - chance to average down
Can see an easy 10% from here this week

Right the panic is over ladies up she goes today - any drop is a buying opportunity

Not saying you are guilty of any crime

Just saying you can be held accountable as you stated you cannot

Nothing personal about any comment other than they can hold people accountable if appropriate

That’s all

hedged Read the above T&Cs as you most definitely can be held responsible with action taken.

The auditor is generally responsible for verifying all financials. Depending on the business they may audit process compliance also. I worked in a bank & had to deal with audits every year across the systems they used. Varies in scope but here they were contracted to do Boohoo accounts for sure.

Agree

People should definitely read the “Forums” section

https://www.lse.co.uk/terms-and-conditions.html

PP1 people forget LSE are legally bound to log IP addresses of posters, as per T&Cs when you sign up, for situations like this. Having worked with FCA I know they take illegal activities seriously & there is now a section on their home page about illegal shorting. People creating dummy accounts are still giving away an IP address & email to be tracked if needed. I’ve personally never shorted as think it’s a dodgy world.

I think that penny has dropped with Institutional Investors but some Private Investors with 500 or 1,000 shares think they will make a difference.

It’s getting tiresome discussing the same topic over & over. Net is they’ve been given 6 months to action change. All issues are known & documented. In their results they committed to action. The real measure will be FY results Mar 31 with big lockdown numbers but also they’ve auctioned all the QC recommendation & by changing their auditor they are acknowledging they did not audit & are in fault as much as Boohoo.

I see a temp dip again to 305-310 area but as we have seen twenty times before the old regurgitated news will fade in 24 hours, ASOS will go up & like BOO did last lockdown people will realise it’s a good COVID stock undervalued. Shorters trying to use ole news to get in as they know 350 is easily back on the cards. All Boohoo shortcomings have been declared in report without direct blame. There will continue to be old news replayed (as I posted last week) but I suspect an RNS for a new auditor will continue to push it back up as they clean up their act. Ultimately it’s what the market wants to do as they’ve heard all of this before. VAT stuff was out all last 2 weeks & no big deal when I reposted articles from looking at SP action.