Comments on: More on the auditor change at Catapult

By: MJ

MJ — Thu, 22 May 2008 19:40:53 +0000

One of the worst companies on the planet. They try to pull every trick in the book and they got caught !

They own me money and will not pay.

By: Dennis Howlett

Dennis Howlett — Wed, 16 Jan 2008 00:04:12 +0000

That’s an interesting opinion re: audit. It raises important questions because as I said to CFO.com, if the public can’t trust the audit certification then we’re in a race to the bottom that could destroy public confidence. If you have a pension plan, as many do, that’s a pretty big deal.

I’d be interested in knowing if your view as a practitioner is one that’s broadly shared among your colleagues. If so then that’s a trend people like myself should be aware and take note.

By: Tracy Coenen

Tracy Coenen — Tue, 15 Jan 2008 21:34:03 +0000

A material weakness is still material and a weakness, even if it did not impact that current numbers. It was clearly something that still needed fixing, no?

And I’m a firm believer that audits aren’t worth much to begin with… merely a clean opinion that a company buys from a particular audit firm.

Thanks for stopping by!

By: More on Catapult Systems and Deloitte : AccMan

More on Catapult Systems and Deloitte : AccMan — Tue, 15 Jan 2008 20:27:30 +0000

[...] Tracy Coenen also picked up on Francine’s story and I left a similarly worded comment there. [...]

By: Dennis Howlett

Dennis Howlett — Tue, 15 Jan 2008 19:58:14 +0000

I’m not convinced Francine has this one right. As at this time I’m awaiting her moderation system to do its stuff but in essence it was a misclassification, the restatement had no effect on the business and Deloitte did not refer to it in their audit opinion.

Making the connection to ’shopping for opinion’ also seems edgy because if that is indeed common practice then surely that’s a matter for regulators as it requires an element of collusion.