RE: Frozen14 Oct 2018 18:01
"Messing up big time!"
The internal auditors reporting to the FD, The Audit committee receiving reports from the internal auditors. The BOD receiving the external auditors report. This happens after the are checks and balances are verified by 3rd party verification (i.e. Debtors balances are verified by the debtor and similarly creditor balances) .
The bank reconciliations - if more than one bank- proves the balances .
Inconceivable that this process has gone on for years without someone stumbling across an account outside the balance sheet with another entry back.
Point made earlier about debtor balances previously. Why around £12m for the last 3 years or so. No accounts note ? Why because consistent with previous years.
This is a real sticky donut.
Auditors check