[Community-Discuss] The Looting of AFRINIC
Ronald F. Guilmette
rfg at tristatelogic.com
Fri Dec 6 13:21:53 UTC 2019
In message <DBBPR03MB54159632141EE13EA566329AEE5F0 at DBBPR03MB5415.eurprd03.prod.
outlook.com>, Andrew Alston <Andrew.Alston at liquidtelecom.com> wrote:
>This doesn't add up - if an auditor is resigning - the number of times you
>see that happen in the market is so few and far between, and in almost every
>case I have found looking into this - it signified a massive and profound
>problem - because by resigning - in my view - the auditor is sending a signal
>to the members - either they cannot evaluate the risk and be able to state
>that the company will be a viable going concern going forward - or - they
>were in a position where even the qualification of the report was not an
>option. This is NOT something any auditor will do lightly - ever - and it
>is absolutely incumbent on the board as per the bylaws to diligently and
>without delay seek those reasons and disclose them.
>of new auditors is NOT a risk mitigation or a risk elimination - the risks
>that caused PWC to walk are very clearly still present - this community has
>a right to know what those are.
For whatever little it may be worth, I am in complete agreement with Mr.
Alston on the above points.
There is something very very wrong if the auditor fires its own client.
Whatever it is, it will come out eventually, either through leaks or
otherwise. The Board would be well advised to get out in front of this,
as painful or embarassing as doing so may be. Opacity with respect to
whatever funny business has gone on with the company books is simply not
an option. The cards will be laid face up on the table, either with or
without the consent of the board. The only choices available to the
individual board members are to either be part of the solution or to be
judged as having been a part of the problem.
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