Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 5 minutes ago, wellbeaten-the-owl said: Not to mention even before covid auditors were having to look at going concern closer True - thankfully I don't do audit anymore so not bothered reading it. Given all the recent company failures even before Covid it was a hot topic. An auditor paying lip service to this would be hammered down the line Link to comment Share on other sites More sharing options...
wellbeaten-the-owl Posted August 5, 2020 Share Posted August 5, 2020 (edited) 8 minutes ago, mkowl said: True - thankfully I don't do audit anymore so not bothered reading it. Given all the recent company failures even before Covid it was a hot topic. An auditor paying lip service to this would be hammered down the line They have to jump through hoops now to document going concern evedence on all Audi's and some of the big boys halted signing off audits for a while earlier this year. Hard to see how any non parachute club in EFL can be classed as a going concern at moment with big losses faced accross the board next season and no guarantee when main form of income will return Wigan is evedence what happens if owner stop propping up the company Edited August 5, 2020 by wellbeaten-the-owl 1 Link to comment Share on other sites More sharing options...
Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 4 minutes ago, Royal_D said: Interesting, so all we’ve done is broke the EFL’ s rules ? Not particularly anything illegal ? All this backdating accounts stuff had me thinking we’ve literally broken the law Over my head any of this to be fair , and fed up of discussing Over football ! Who knows - I won't pass any comment on this until, indeed if, the written reasons are released in public. Deliberately filing misleading accounts would be a breach of the Companies Act - so we could be in breach if there was no evidence of the stadium sale or it was flimsy. However it could also be a judgement call on the evidence. But changing accounts is done more often than you think. I have done it and am considering it on a set i looked at only today - Link to comment Share on other sites More sharing options...
Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 1 minute ago, wellbeaten-the-owl said: They have to jump through hoops now to document going concern evedence on all Audi's and some of the big boys halted signing off audits for a while earlier this year. Hard to see how any non parachute club in EFL can be classed as a going concern at moment with big losses faced accross the board next season and no guarantee when main form of income will return Wigan is evedence what happens if owner stop propping up the company Well our prior audit report had this conditional wording - that they thought DC would fund it but could offer no guarantee. What folk probably don't realise is that DC may have to prove to the auditor he has funds available. Can't just go on his word. Given Covid then there may be concerns that flow of funds anticipated to be used would no longer be available. Why I talk about the potential of immediate relegation because if that had been the decision the auditor suddenly has to question whether another 6m is down the back of the sofa. Link to comment Share on other sites More sharing options...
room0035 Posted August 5, 2020 Share Posted August 5, 2020 1 hour ago, hirstyboywonder said: That can't be right - @room0035 expects to see them online within 24 hours of submission, even under current circumstances! Not what I actually put, if they are filed online - you know electronically, they are normally available to view within 24 hours of submission. If three accounts are filed by post which very few business or accountants now do it can take longer. The auditors of SWFC, normally file their accounts electronically, you ask how I know this simple, because I used to work for them. 1 Link to comment Share on other sites More sharing options...
wellbeaten-the-owl Posted August 5, 2020 Share Posted August 5, 2020 (edited) 7 minutes ago, mkowl said: Well our prior audit report had this conditional wording - that they thought DC would fund it but could offer no guarantee. What folk probably don't realise is that DC may have to prove to the auditor he has funds available. Can't just go on his word. Given Covid then there may be concerns that flow of funds anticipated to be used would no longer be available. Why I talk about the potential of immediate relegation because if that had been the decision the auditor suddenly has to question whether another 6m is down the back of the sofa. Best career decision I ever made was getting out of audit! Imagine having to judge going concern based on owners word in continued support when a club has just gone into insolvency in the championship when owner basically have up supporting the club. Who knows what DC invests in and how all this effects his ability to liquidate assets to put cash in? Edited August 5, 2020 by wellbeaten-the-owl 1 Link to comment Share on other sites More sharing options...
Guest Grandad Posted August 5, 2020 Share Posted August 5, 2020 Right. Not even going to pretend I understand this Last year we submitted our accounts, after changing our year end by 3 months, late. And included the stadium sale in it. Which meant we showed a small profit. But now we are late again, this time because we are investigating whether we can move the sale of the stadium into this set of late accounts, meaning (presumably) that last year's small profit will become a huge loss? And this is normal accounting practice? Is that summary fair and correct?? Link to comment Share on other sites More sharing options...
Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 15 minutes ago, room0035 said: Not what I actually put, if they are filed online - you know electronically, they are normally available to view within 24 hours of submission. If three accounts are filed by post which very few business or accountants now do it can take longer. The auditors of SWFC, normally file their accounts electronically, you ask how I know this simple, because I used to work for them. Last years were deffo posted though, take a look. They have an handwritten "Companies House" on the first page and the barcode put on Link to comment Share on other sites More sharing options...
Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 13 minutes ago, wellbeaten-the-owl said: Best career decision I ever made was getting out of audit! Imagine having to judge going concern based on owners word in continued support when a club has just gone into insolvency in the championship when owner basically have up supporting the club. Who knows what DC invests in and how all this effects his ability to liquidate assets to put cash in? I think the woman who reviewed my files took the view it was the best decision I have ever made as I was rubbish Link to comment Share on other sites More sharing options...
Guest Posted August 5, 2020 Share Posted August 5, 2020 21 minutes ago, room0035 said: Not what I actually put, if they are filed online - you know electronically, they are normally available to view within 24 hours of submission. If three accounts are filed by post which very few business or accountants now do it can take longer. The auditors of SWFC, normally file their accounts electronically, you ask how I know this simple, because I used to work for them. For someone who used to work for an accountancy firm you seem to have little grasp on what has been reported about this, why are you kicking up a fuss about something that has been explained and we have not been punished for? Link to comment Share on other sites More sharing options...
Guest mkowl Posted August 5, 2020 Share Posted August 5, 2020 3 minutes ago, Grandad said: Right. Not even going to pretend I understand this Last year we submitted our accounts, after changing our year end by 3 months, late. And included the stadium sale in it. Which meant we showed a small profit. But now we are late again, this time because we are investigating whether we can move the sale of the stadium into this set of late accounts, meaning (presumably) that last year's small profit will become a huge loss? And this is normal accounting practice? Is that summary fair and correct?? Well 1) we don't know if they are late yet beyond conjecture from The Star who don't understand how Companies House works 2) we have no idea if the club is considering changing them 3)the panel has no authority beyond its work for the EFL to compel us to change them 4) all this will be dependent on the written reasons for why they don't accept the date of sale as originally accounted for 5) if you have made a fundamental error then I suspect the 2018 accounts will be completely changed 6) it is possible to restate the figures in what is known as a prior year adjustment, but this change i actually don't think would qualify. 7) so its very unusual for a transaction itself to be in the wrong year. You might change how you treat it - by adopting a different accounting policy but this is a factual transaction where the accounting treatment thereof is not in doubt Link to comment Share on other sites More sharing options...
helmut_rooster Posted August 5, 2020 Share Posted August 5, 2020 7 hours ago, Paul.. said: Forced Major... 3 Link to comment Share on other sites More sharing options...
S36 OWL Posted August 5, 2020 Share Posted August 5, 2020 2 hours ago, mogbad said: Some of our supporters must cry themselves to sleep on days when there's nothing to have a go at the club about. Quite right. Such a well run club like ours gives us no reason to moan or complain. 1 Link to comment Share on other sites More sharing options...
kirksandallowl Posted August 5, 2020 Share Posted August 5, 2020 2 hours ago, Chewy24 said: Whilst there may or may not be good reasons for late filing, from a corporate governance point of view it looks poor and impacts on the confidence people, especially professionals such as the bank etc, will have in the management of the club as a business. Why does it matter what the bank think? Link to comment Share on other sites More sharing options...
kirksandallowl Posted August 5, 2020 Share Posted August 5, 2020 2 hours ago, billyblack said: at last Why does it matter what the bank think? Link to comment Share on other sites More sharing options...
Blue and white Posted August 5, 2020 Share Posted August 5, 2020 We are an absolute joke of a club from top to bottom. 2 1 Link to comment Share on other sites More sharing options...
Guest Therealrealist Posted August 5, 2020 Share Posted August 5, 2020 There were plenty on here sayin there was nothin to worry about regarding the the ‘stadium sale’...that turned out well Link to comment Share on other sites More sharing options...
Guest mrbluesky Posted August 5, 2020 Share Posted August 5, 2020 8 hours ago, @owlstalk said: Nothing to worry about at this point at all Cheers, comical Ali. Link to comment Share on other sites More sharing options...
BARMYARMY2010 Posted August 5, 2020 Share Posted August 5, 2020 1 hour ago, billyblack said: .... Well nothing really,it's not your company, its not your money and it certainly isn't your reputation on the line again. As above, results shouldnt mean anything to you either. You have no vested interest so none of it matters really does it Thats what i wanna know,your vested interest is what ? and how does it impact your life daily,weekly,monthly,yearly 1 Link to comment Share on other sites More sharing options...
@owlstalk Posted August 5, 2020 Share Posted August 5, 2020 26 minutes ago, Blue and white said: We are an absolute joke of a club from top to bottom. 1 1 Owlstalk Shop Link to comment Share on other sites More sharing options...
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