Ernst & Young investigation farce

[darley16]

My understanding of the accountants investigations into the fiscal plight of our clubs is to read the annual reports for the past 3 years and make comments...wow! This at an expense of somewhere near $200k! Surely a proper investigation would be to look behind the numbers presented in the annual reports in other words a true due diligence. Some clubs reported losses while maintaining healthy bank deposits, some club losses were "paper" losses with substantial non-cash expenditure items such as depreciation that for all intent and purposes could be added back to reveal sound financial positions.
Every time Whicker talks it appears more about downplaying our comp rather than that of promotion. All our clubs must be fiscally responsible, however of the 7 losses reported my understanding is that only 1 club is really in a spot of bother.

[drebin]

Well said Darley!

[Grahaml]

I dare say a very good firm could glean a lot from just the annual reports about what areas should be tightened and where the revenue/expenditure balance isn't right. No offence, but I'd back the judgement of a professional utilising a respected firm over any keyboard warrior any day.

[JK]

I dare say a very good firm could glean a lot from just the annual reports about what areas should be tightened and where the revenue/expenditure balance isn't right. No offence, but I'd back the judgement of a professional utilising a respected firm over any keyboard warrior any day.

Yes and No ... Just like the members they would have to trust that the figures are appearing in their valid accounts ... Whilst the bottom line should be correct, how they are represented can easily be doctored via the wonders of creative accounting.

That's not a swipe at footy clubs either, all businesses do it.

[SDK]

To this day I dont understand the Norwood financials.
We made $300,000 from playing football and 200,000 from the pokies but apparently we made a loss !
No one has explained the situation and even management obviously dont understand it because the replies to supporters questions were as clear as mud....waffle.