39 days ago
Today both Wildcat Petroleum (WCAT) and RC365 Holding Plc announced that their auditors Shipleys were resigning. The Wildcat RNS read as follows:
117 days ago
There has been no RNS but i am told it has happened so I discuss all matters Victoria (VCP) in detail. I also look at Alpha Growth (ALGW), reported to the FRC today, Tintra (TNT) to be reported tomorrow and to the FCA as well, Vast Resources (VAST), Ben’s Creek (BEN), Horizonte Minerals (HZM), Imperial Brands (IMB), Chill Brands (CHLL), HS2 and my date tomorrow with the Cheshire Filth.
120 days ago
Part 1 of this report will be passed to the Financial Reporting Council today as will this article. Both Tintra (TNT) and its tin pot auditors BSS & Co need a formal censure and fine. I continue…
422 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.
430 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.
430 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.
441 days ago
448 days ago
The FCA duly replied to my letter explaining how Guild Esports (GILD) had mislead investors with its 7 AM Results investors. And hey presto in a not unrelated development, at 6.29 PM yesterday – aka no-one is watching O Clock – Guild was forced to issue a fess up RNS. But it was a shambles and effectively says that the auditors lied in the annual report. It just gets worse and worse.
489 days ago
On 2 December, Kanabo (KNB) issued an RNS which stated under heading “Resignation of Auditor” the following text:
618 days ago
I wish Bruna Nikolla the very best of luck as she becomes the new CFO at Cellular Goods (CBX) just in time to have a good chat with the auditors about whether this company can be viewed as a going concern.
786 days ago
Changing auditors for a listed public company a month before the Group’s year end isn’t a planned event as planned rotations are indicated upfront in the audit report and accounts and the notice to the Annual General Meeting. As I pointed out in my note yesterday, such a late change is indicative of a tension between the company and its auditor’s even if that does not rise to the level of the auditors saying that there are no circumstances that the auditors wish to bring to the attention of creditors.
957 days ago
So far you have met the fraudster Queen, the other South Africans on the board who are mired in this fraud and an enabler, broker Pello and its boss Andy Frangos who are also deeply implicated in the Umuthi (UHS) bezzle and the patsy UK NED Colin Bloom - now since resigned. Then we established that nobody actually knows how many shares there are in issue. and finally we established that there is almost certainly no real business at Umuthi whatever it accounts state! Hang on what about the auditors?
1113 days ago
I first warned you all that this company was insolvent 360 days ago. The FCA has done nothing and £60 million of investors’ money will soon go up in smoke. But as the chaps at the FCA know, it is only the lower middle and working classes who buy mini-bonds so who cares? Two days ago I revealed that a second auditor in 7 months had quit. Now the resignation letter from the first to walk, PWC, has finally appeared at Companies House. It is so truly damning that even the woke dullards at the FCA should take note.
1187 days ago
I was never in doubt that Crowe UK, the auditors disgraced as the firm that signed off on the books of a vast number of the AIM China frauds, would sign off on the accounts for Supply@ME Capital for the 9 months to December 31 2019. After all it was just a cash shell back then, awaiting the Supply RTO. But even so what this document tells us should scare, at least some, of this company’s moronic shareholders.
1446 days ago
In Nigel’s article on Tern (TERN) yesterday he highlighted the change in auditors -a theme I took on in bearcast. As one of our regular commentators pointed out there is no longer a requirement to file resignation letters at Companies House unless the auditor has concerns or is the company is listed. However, the resignation does raise some concerns. Here is the proof something is very rotten in the state of Tern.
1491 days ago
For a small company, Octagonal (OCT) seems to get through more auditors at a rapid pace with no less than 3 different firms of auditors for the listed entity in the last five years and two changes of auditors for each of the principal subsidiaries.
1640 days ago
In today’s podcast I look at the news for Neil Woodford dog Xeros (XSG) and what it says about the company, its new Nomad and Broker FinnCap (FCAP) and about the hapless auditors at Grant Thornton Leeds. Then with reference to the photo below it is questions, questions, questions for shameless share ramper Neill Ricketts and Versarien (VRS)
2442 days ago
Once again I return to the subject of the company on AIM with the stupidest bunch of shareholders. The auditors of Bushveld Minerals (BMN) have stated explicitly that the company needs to raise fresh equity to avoid going tits up but shareholders respond by saying "how often have auditors got it wrong?" and a range of other excuses. They just do not get it at all, it is placing ahoy. Now the company has news today which the morons who own this stock seem to think is good. Ina private email this morning a top City broker put it thus:
2859 days ago
For what it is worth Wishbone Gold (WSBN) reported a loss of $1.12 million for calendar 2015 but that is all in the past. Perhaps the most noteworthy element of the historic numbers is the fact that the auditors cannot verify almost $100,000 of travel expenses and flag this up.
3434 days ago
Just to try and explain what TNAV is but also to take issue with a brewing scandal on the AIM Casino which is the way that audit forms have failed to review carrying values in a most grotesque if not negligent manner. My case studies are three companies now at death's door all of which have boasted of mammoth asset backing: Sefton Resources, Beacon Hill Resources and Quindell and I reference recent conversations with my pal Sam Antar.
We have 50 free copies of Tom's Book "The 49 Golden Rules of Making Money from Shares" which covers these issues and others to give away today. For your cooy fill in the form HERE
3706 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
