NorfolkNChance Posted September 4, 2019 Share Posted September 4, 2019 The auditors will have indemnity insurance which is in place to protect their client. The question is what is the limit. 1 Link to comment Share on other sites More sharing options...
Bing Cosby Posted September 4, 2019 Share Posted September 4, 2019 Hope they weigh the golden elephants FFS!! 1 Link to comment Share on other sites More sharing options...
Dronfield Blue Posted September 4, 2019 Share Posted September 4, 2019 2 minutes ago, mkowl said: And seriously the auditors have to satisfy themselves as to the integrity of any valuation. Entire auditing standard on it. I got a slapped wrist by my reviewer for not adequately assessing the integrity of a Barclays portfolio report a client had. So, are you saying that these auditors will have made the correct valuation? If so, what type of body completes the valuation. Blundells don't get many football grounds on their books. 1 Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 4, 2019 Share Posted September 4, 2019 4 minutes ago, TodwickOwl said: The EFL are above the law Hence why Forestieri is guilty of course Not above corporate law though And you are dealing with professional firms who have a professional reputation to uphold. Do you think they will sit quietly if challenged. Link to comment Share on other sites More sharing options...
owlsfan_72 Posted September 4, 2019 Share Posted September 4, 2019 If they deem that Chansiri overpaid for Hillsborough, he just has to show them how much Abdi and Urbi's contracts cost. We're Sheffield Wednesday, we pay what we want 2 Link to comment Share on other sites More sharing options...
akbuk Posted September 4, 2019 Share Posted September 4, 2019 36 minutes ago, The Regulator said: The fact is that the stadium is worth whatever someone is prepared to pay for it. True the issue at Derby seems to revolve around the value in the club's accounts Link to comment Share on other sites More sharing options...
NorfolkNChance Posted September 4, 2019 Share Posted September 4, 2019 The auditors , in my experience, will have had to satisfy themselves that the valuation was correct. Notwithstanding the fact that the EFL accepted the accounts and withdrew the embargo. The auditors have signed off the accounts as a true account. I suspect it will be one of the big 4 accountancy firms who don’t just sign stuff off as a favour to the client. They have professional indemnity cover up to their eyeballs Link to comment Share on other sites More sharing options...
marconi Posted September 4, 2019 Share Posted September 4, 2019 Manchester Metropolitan University commissioned to do the valuation. 5 Link to comment Share on other sites More sharing options...
Guest Posted September 4, 2019 Share Posted September 4, 2019 (edited) i hope EFL gets sued by all 3 clubs nowt would please me more, apart from maybe SYPD been disbanded Edited September 4, 2019 by Guest Link to comment Share on other sites More sharing options...
Dot Posted September 4, 2019 Share Posted September 4, 2019 2 minutes ago, Royal_D said: i hope EFL gets sued by all 3 clubs It really is time they were brought to task Link to comment Share on other sites More sharing options...
Joe Jockstrap Posted September 4, 2019 Share Posted September 4, 2019 FFS, Championship down to League 2 are such easy targets. If they had any real intent on stubbing out naughtiness in FFP then look at the likes of Man City selling boxes for millions, hotdogs to owners for £6778888.50, onions extra at £467888.57, I would bet my left ball that no real punishment will even fall upon a Premier Top 8 team. Money talks and I’m afraid always will. Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 4, 2019 Share Posted September 4, 2019 1 minute ago, Dronfield Blue said: So, are you saying that these auditors will have made the correct valuation? If so, what type of body completes the valuation. Blundells don't get many football grounds on their books. The auditor does not / can not prepare the valuation. They assess the integrity of the valuation prepared by the 3rd party. What was their qualification, what methodology did they use, was it truly independent, could alternative mechanisms be used. It really is quite onerous especially given the impact on the accounts is so significant. Link to comment Share on other sites More sharing options...
Dronfield Blue Posted September 4, 2019 Share Posted September 4, 2019 2 minutes ago, mkowl said: The auditor does not / can not prepare the valuation. They assess the integrity of the valuation prepared by the 3rd party. What was their qualification, what methodology did they use, was it truly independent, could alternative mechanisms be used. It really is quite onerous especially given the impact on the accounts is so significant. So the third party would have been a commercial property valuer then? Link to comment Share on other sites More sharing options...
The Regulator Posted September 4, 2019 Share Posted September 4, 2019 7 minutes ago, NorfolkNChance said: I suspect it will be one of the big 4 accountancy firms who don’t just sign stuff off as a favour to the client. It’s not one of the big 4. I think it’s a local firm but they all operate by the same standards in any case. It used to be Deloitte who stepped down at around the time Mandaric took over I think. Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 4, 2019 Share Posted September 4, 2019 4 minutes ago, NorfolkNChance said: The auditors , in my experience, will have had to satisfy themselves that the valuation was correct. Notwithstanding the fact that the EFL accepted the accounts and withdrew the embargo. The auditors have signed off the accounts as a true account. I suspect it will be one of the big 4 accountancy firms who don’t just sign stuff off as a favour to the client. They have professional indemnity cover up to their eyeballs BHP based in Sheffield not big 4 But seriously if you can't professionally justify it, or done adequate work or not followed the relevant standards and EFL can show that - yep it will go a bit Pete Tong Link to comment Share on other sites More sharing options...
NorfolkNChance Posted September 4, 2019 Share Posted September 4, 2019 Yeah big 4 or not auditors don’t put their neck on the line for no one. If it doesn’t look right they won’t sign it off. Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 4, 2019 Share Posted September 4, 2019 2 minutes ago, Dronfield Blue said: So the third party would have been a commercial property valuer then? The accounts do not name the valuer but it would be usual to do so. The issue with Derby and ourselves is that accounting standards require where property is held at a valuation for that to be regularly assessed and revised. If that was the case why did the 31st July 2017 accounts only show 20m and within 12 months it was worth 60m. Tbf it's a good question especially as the new accounting standards that came in heavily flagged this in 2017 What could radically have changed in 12 months in terms of the value of a stadium Link to comment Share on other sites More sharing options...
Costello 77 Posted September 4, 2019 Share Posted September 4, 2019 I thought at the time that £60 million was taking the pee.. However.. the Gibson led cry babies had better have their ducks in a line because it's going to have to be across the board.. Link to comment Share on other sites More sharing options...
Dronfield Blue Posted September 4, 2019 Share Posted September 4, 2019 Just now, mkowl said: The accounts do not name the valuer but it would be usual to do so. The issue with Derby and ourselves is that accounting standards require where property is held at a valuation for that to be regularly assessed and revised. If that was the case why did the 31st July 2017 accounts only show 20m and within 12 months it was worth 60m. Tbf it's a good question especially as the new accounting standards that came in heavily flagged this in 2017 What could radically have changed in 12 months in terms of the value of a stadium We're in the poo then? Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 4, 2019 Share Posted September 4, 2019 3 minutes ago, NorfolkNChance said: Yeah big 4 or not auditors don’t put their neck on the line for no one. If it doesn’t look right they won’t sign it off. Apart from Carillion and a few others recently It's a hot topic and serious questions about Auditing and regulation being asked now Link to comment Share on other sites More sharing options...
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