It will be a great day when we can sit at our computers and read similar results for other people who have destroyed the lives and wealth of many unit holders and shareholders. I hope I am around long enough to see it.
Rogue liquidators in regulator's sights
Elisabeth Sexton
September 28, 2011
Read more: http://www.smh.com.au/business/rogu...tors-sights-20110927-1kvd9.html#ixzz1ZCUCB3o4
http://www.nsxa.com.au/ftp/news/021724458.PDF
Notice of ceasing to be a substantial shareholder. They have unloaded 663894 shares from the Wholesale PIF - presumably the remainder. I think we can assume where they (and the rest) went!!
............ John H.
Coolie1 - Quite staggering really. Surely this must be one for ASIC
I haven't made it all the way through the PIF Annual report yet but went straight to the Auditor's report at the back (47th & 48th pages). It seems the auditor's couldn't give an audit opinion on the financial report; even the auditor's can't get information needed out of Wellington Capital.
"Auditor's responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
"Basis for Disclaimer of Opinion
The recoverable amount of mortgage loans amounting to $135,722,000 representing 60% of the Trust's net assets have been valued by the directors assisted by their external advisors on the basis described in note 2(d) and note 14. At the date of issue of this report we were unable to obtain access to the external advisors and their supporting work papers and as a result were unable to to evaluate the appropriateness of the advisors work and obtain sufficient appropriate audit evidence in relation to the recoverable amount of the mortgage loans. In addition, included within other financial assets are asset backed loans amounting to $24m. We were unable to obtain sufficient appropriate audit evidence about the carrying value of these asset backed loans as management were unable to provide us with sufficient appropriate audit evidence in respect of the valuation of the underlying security. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of the recoverable amount of the mortgage loans or the valuation of the asset-backed loans.
"Disclaimer of opinion
Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide the basis for an audit opinion. Accordingly we do not express an opinion on the financial report.
"PricewaterhouseCoopers"
Note 2(d) is on page 18 and Note 14 on page 25 of the Annual Report.
A lot of questions need to be asked: Why was the appropriate information not made available to the auditors? Who are the external advisors? Why wasn't access provided to the external advisors? Certainly WC's behaviour is NOT acceptable.
ASIC, where are you???
Cookie1
Cookie wouldn't you think that after the thousands of complaints that ASIC has received for over 3years relating to the PIF that they should be all over Wellington Capital's Financial reporting themselves? But no, once again it will be up to individual Premium Income Fund unitholders to pester the crap out of ASIC once again to remind them of just how pathetic they have been in regulating/monitoring the actions of a Responsible Enity that has proved on many occassions to be seriously incompetent. Here we go again, for those of you who are less than impressed with WC performance in charging an audit to us where it could not be succesfully undertaken due to Wellington Capital once again hindering the process by failing to provide relevant documentation. So much for having a Compliance Plan and a Compliance Committee. In our case as much use as 't1ts on a boar pig'.I haven't made it all the way through the PIF Annual report yet but went straight to the Auditor's report at the back (47th & 48th pages). It seems the auditor's couldn't give an audit opinion on the financial report; even the auditor's can't get information needed out of Wellington Capital.
"Auditor's responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
"Basis for Disclaimer of Opinion
The recoverable amount of mortgage loans amounting to $135,722,000 representing 60% of the Trust's net assets have been valued by the directors assisted by their external advisors on the basis described in note 2(d) and note 14. At the date of issue of this report we were unable to obtain access to the external advisors and their supporting work papers and as a result were unable to to evaluate the appropriateness of the advisors work and obtain sufficient appropriate audit evidence in relation to the recoverable amount of the mortgage loans. In addition, included within other financial assets are asset backed loans amounting to $24m. We were unable to obtain sufficient appropriate audit evidence about the carrying value of these asset backed loans as management were unable to provide us with sufficient appropriate audit evidence in respect of the valuation of the underlying security. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of the recoverable amount of the mortgage loans or the valuation of the asset-backed loans.
"Disclaimer of opinion
Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide the basis for an audit opinion. Accordingly we do not express an opinion on the financial report.
"PricewaterhouseCoopers"
Note 2(d) is on page 18 and Note 14 on page 25 of the Annual Report.
A lot of questions need to be asked: Why was the appropriate information not made available to the auditors? Who are the external advisors? Why wasn't access provided to the external advisors? Certainly WC's behaviour is NOT acceptable.
ASIC, where are you???
Cookie1
My complaint re audit has been emailed to ASIC.Coolie1 - Quite staggering really. Surely this must be one for ASIC
Looks like Mr Byrnes' ALF is at it again, Equititrust is now in its sights!!;;
http://www.irw-press.com/en/news_13725.html
'We further confirm that the first of three takeover offers on Equititrust is ready to be sent to the company next week. ALF Finance and Investments has written to the targets largest shareholder and former chairman and invited a private discussion before sending out the offer. The results of that discussion will determine which version of the offer will be submitted. ;
In my business I have a 3 month audit & the auditor reports to the Government Office of Fair Trading as part of their job. Is it worth enquiring if the auditor here is following regulations? They must care about their professional obligation & duty of care.
Lets hope the 'regulators' are as quick to pick up on the lack of PIF compliance as the media has!! Make sure you all draw it to the attention of the appropriate regulators please, I would hate to let them think we have given up and are prepared to let these type of actions pass un- noticed.In my business I have a 3 month audit & the auditor reports to the Government Office of Fair Trading as part of their job. Is it worth enquiring if the auditor here is following regulations? They must care about their professional obligation & duty of care.
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