ST Alpha - "Lots of people got fired. -- nm" (Reading a Post)

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In response to ""The REIT said early Wednesday that its financial filings covering 2013 and the first two quarters of 2014 should not be relied upon." -- (link)" by ty97

Lots of people got fired. -- nm

Posted by spamlet Oct 29 '14, 12:02

(No message)

Responses:

for all our accounting geeks: They overstated AFFO and understated net loss -- (link) - decline Oct 29, 12:06 8
- "intentionally not corrected" is the key phrase. Mistakes sometimes happen, but this sounds like a fraud -- nm - Beaker Oct 29, 12:11 7
  - They basically made up numbers so that their earnings added up. -- nm - spamlet Oct 29, 12:13 6
    - And somehow their controls didn't catch this? (Or did catch it and they let it go?) - ty97 Oct 29, 12:15 2
      - I didn't notice in the article, did it say who their accounting firm was? (I say was as I'd wager they are toast too) -- nm - Beaker Oct 29, 12:16 1
        
        In June, shareholders approved Grant Thornton as external auditor. Not sure if this was a change or a re-up of an existing relationship -- (link) - ty97 Oct 29, 12:20
    - isn't that a general practice in accounting ? -- nm - decline Oct 29, 12:14 2
      - the experts call it "rounding" or "plugging" -- nm - Beaker Oct 29, 12:15
      - No no, general practice is you take column A, shake it, and mix it with Column B until you're happy with the results. - Will Hunting Oct 29, 12:15

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