It's gonna happen sooner or later. The closer to CH 11 they do it, the worse it looks.
10 replies (most recent on top)
@e5 You are so d-mb. Wait until you gain some experience before posting anything else. You need to develop the ability to form your own opinions as well as determine what makes sense and what doesn’t. Not everyone can do this but I have hope for you.
FRC opens formal probe into PwC’s WHSmith audits.
According to the Financial Times report, PwC signed off the accounts for the years in which the overstatements occurred. The problem was identified after a member of WHSmith’s finance team came forward.
Some payments were recognised too early, inflating reported results and helping senior managers reach performance targets.
Hmmmm. I guess the Xerox Managers never hit a "bonus".
You are correct, I am a small thinker. To think I would even entertain the idea of PWC would take a risk-really? They are in it for themselves and they do get perks. If you do not think so, you are the small thinker.
@ar Sorry dude. You are a small thinker just like most here. PWC does not take risks, especially for insignificant benefits. Doesn’t happen.
Yes, would very much like yaaaaawwwnnn guy’s opinion on this.
@ap What is in it for PWC? How about travel expenses which they most likely participate to watch Formula 1- nice deductions across the board, and yes, it does happen.
@ap I agree. The auditor takes the blame if the books or reporting is funky. Look at KPMG 25 years ago, Xerox fired them and they paid a $20 million dollar fine to the SEC.
PWC is not in "cahoots". What would be in it for them? Going concern is a true concern.
@am I am. It has been for a while now in slow motion. There is no more money to borrow, and firing thousands of people wouldn't actually move the OPEX needle enough. Every dollar they have is borrowed and that dried up, losing money each and every day.
If one of you management people who lurk on here can explain how you can keep this out of the ditch, we would love to hear it.
@OP you seem confident sh--s gonna hit the fan soon…?
@OP Agree.
If Management and internal auditors(Price Waterhouse Cooper) are in cahoots together, who will sound the alarm? With X's current debt and credit rating, they should be sounding the alarm fairly soon.