421 days ago
Finally, a week after publishing dreadful results Versarien (VRS) has published its full annual report for the 18 months to 30 September 2022. When this company goes bust, what it was hiding will be used to drag it and auditors BDO through hell and back, via the FRC. The main issue is goodwill and the balance sheet but there is also the pay rise loathsome Neill Ricketts was given.
429 days ago
In today’s, utterly dreadful, results from Versarien (VRS) the auditors make it clear that the company will go bust if it cannot get a material cash injection from grants, loans or share issues. There is something Versarien is not telling investors about that. I wonder if it has told auditors BDO or its hapless Nomad SP Angel.
429 days ago
The results for the 18 months to 30 September from Versarien (VRS) are shockingly bad and contain an explicit warning about its perilous financial state. When, not if, it goes bust auditors BDO will have big questions to ask about this sign off for its work is very poor, there is almost no professional scepticism.
448 days ago
On 25 November 2022 at the Quadrise Fuels (QFI) AGM it was proposed that shareholders reappoint BDO as auditors. They did. Today at Companies House, as you can see below, we see that BDO has resigned. There has been no RNS.
1981 days ago
In my penultimate bearcast from Britain before heading off for the olive harvest in Greece I discuss Malcolm's Santa rally, the IPO of FinnCap which is a bargepole for me and why merging two mid tier auditors, BDO and Moore Stephens, will do nothing at all to diminish corporate fraud.
2985 days ago
We start with an apology - this has been an awful share tip. If only we were Wildes or Bulletin Board Morons and got every tip 100% right. But we are human. So apologise. Stanley Gibbons (SGI) has announced that it “now believes that for the year to 31 March 2016 the group will report an adjusted loss before tax of between £1 million and £2 million”, that it“is in the process of raising approximately £10 million of new equity” and the appointments of a new nominated adviser & broker (finnCap) and new auditor (BDO). Hmmm.
3435 days ago
Shareholders in AIM casino listed Beacon Hill Resources (BHR) were almost wiped out yesterday and may still face total wipeout. Who is to blame? What can shareholders so? What should they do? I am sorry but I can offer little comfort here in a podcast on this matter. But I should say that the auditors (BDO) and board have a few questions to answer
3705 days ago
Greece based, AIM Cesspit listed software firm Globo (GBO) has today announced that it fired its auditors six weeks ago and has a new firm in place. For a firm whose accounts have come under some scrutiny (see HERE) that might raise a few eyebrows but when you look at the exact timeline you will be truly kebabbed.
On 17th May 2013 Globo published its 2012 Annual Report signed off by accountants Littlejohn Frazer. At the AGM held on 10th June 2013 Littlejohn Frazer was reappointed as auditor.
At some stage in the six months that followed – a helpful fellow at PR firm Brunswick says it was in July – the company changed auditor to BDO.
On 13th January 2014 (we discovered today) Globo asked BDO to stand down.
on 16th January Globo said that it would release a Full Year trading statement on 28th January – no mention of the audit change
on 28th January that statement (bullish natch) was published - no mention of the audit change.
Today we are told that:
"Globo wishes to announce that it has appointed Grant Thornton as its sole global auditor following a competitive tender of three of the top five auditing firms.
As a result the board requested BDO to resign as its current auditor in favour of Grant Thornton, with effect from 13 January 2014. Grant Thornton is currently carrying out the 2013 Company audit."
Hmmmm
