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Posts Tagged ‘PwC’

igNoble Hse omnishambles puts spotlight two int’l accounting firms

In Accounting, China, Commodities, Corporate governance, Emerging markets on 29/12/2018 at 4:03 am

In the coming yr, investors, creditors and S’porean regulators of Noble will be singing

Fee-fi-fo-fum,
I smell the blood of an accountant from Ernst & Young or PricewaterhouseCoopers,
Be he alive, or be he dead
I’ll grind his bones to make my bread.

The back story

Noble Group is facing insolvency after authorities in Singapore said the crisis-hit commodity trader would not be able to list shares in a new entity, dealing a potentially fatal blow to its emergency debt restructuring.

Singapore’s white collar crime agency, its de facto central bank and the regulatory arm of the country’s stock exchange said they had “significant uncertainties about the financial position of ‘New Noble’”.

In a statement they said “New Noble’s” net asset value could be as much as 45 per cent lower than stated by the company when local standards stipulated by Singapore’s Accounting and Corporate Regulatory Authority were applied.

“It would be imprudent to allow the re-listing as investors will not be able to trade in New Noble’s shares on an informed basis. Monetary Authority of Singapore and Singapore Exchange will therefore not allow the re-listing of New Noble to proceed.”

FT a few weeks ago

The auditors were and are the Hong Kong arm of Ernst & Young

But they are not the only ones facing questions.

Noble Group’s Chief Executive Yusuf Alireza sought to draw a line under a long-running accounting dispute after a report by board-appointed auditor PricewaterhouseCoopers (PwC) found no wrongdoing in the company’s accounting practices.

https://www.reuters.com/article/us-noble-group-accounts/pwc-says-noble-groups-accounting-practices-comply-with-rules-idUSKCN0QF0Y420150810

 

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PwC’s less than Noble disclaimer

In Accounting, China, Commodities, Energy on 11/08/2015 at 1:29 pm

FT’s Alphaville drew attention to PwC’s disclaimer: PwC said Noble records profits on long-term sales and marketing deals in a manner consistent with industry practice

So if it turns out that “There may be a fundamental difference between a company following the rules and a company presenting a true picture of its financial position,” (Andrew Fastow, the infamous treasurer of the even more infamous Enron, to a FT conference), PwC is not liable. https://atans1.wordpress.com/2015/07/03/noble-house-airasia-ceos-spin-meisters-take-note/

No wonder PwC is a “professional services firm” where the oldest profession is prostitution.

Forgotten the issues, here’s Michael Dee’s letter to employees: http://www.sharesinv.com/articles/2015/05/29/open-leter-noble/?utm_source=email?

He was at the very least right right that their jobs were at stake.”Noble said it was targeting a 16 per cent reduction it its global workforce to just over 1,500 people by the end of the year.” reports the FT.