11-08-2003, 06:03 AM
Yup,
as far as the shareholders are concerned, they even dont care about the qualification in the report.
but if any company changes its auditors, then SECP must ask the company that why it is doing so ??? what is the reason behind that????(it can be the case if the auditor's appointment is not in AGM but in BOD meeting, i mean Auditor should be appointed in the board's meeting not in AGM and in fact the auditor is appointed by the board) as in most of the cases the Auditor is changed when he insists on qualification, and in Pakistan Auditor inserts qualification in his report, when nothing has left to do except to qualify the report. When he finds that if he issues a clean report then he will not able to protect his skin from SECP and other authorities, he qualifies the report. Sometimes he tries to insert matter of emphasis.(Hey Guybrush have you gone through the financial statements of Pakland Cement, if not yet then Look at the auditor's report, tell me What do u find amazing in that report??)
S M R
Edited by - smraza on Nov 08 2003 011134 AM
as far as the shareholders are concerned, they even dont care about the qualification in the report.
but if any company changes its auditors, then SECP must ask the company that why it is doing so ??? what is the reason behind that????(it can be the case if the auditor's appointment is not in AGM but in BOD meeting, i mean Auditor should be appointed in the board's meeting not in AGM and in fact the auditor is appointed by the board) as in most of the cases the Auditor is changed when he insists on qualification, and in Pakistan Auditor inserts qualification in his report, when nothing has left to do except to qualify the report. When he finds that if he issues a clean report then he will not able to protect his skin from SECP and other authorities, he qualifies the report. Sometimes he tries to insert matter of emphasis.(Hey Guybrush have you gone through the financial statements of Pakland Cement, if not yet then Look at the auditor's report, tell me What do u find amazing in that report??)
S M R
Edited by - smraza on Nov 08 2003 011134 AM
