Dear accountants in the house, I am getting a bit confused on the implications of the following closing statement by PWC, the audit firm that conducted recent auditing of the "missing" 20Billion Dollars of our common patrimony:

It reads:

"The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards. Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based"?

lalasticlala! Please give it a broader view! Thanks!

It already render the whole task useless now.

Alphaoscar:
It already render the whole task useless now.

My thought exactly! Another millions wasted on a pre- determined audit result!

Op, from my personal experience, when an audit firm makes such statement, it means they absolve themselves from any responsibility and incorrectness that may arise from the report, it is possible they depended on non-standard means of audit based on their limitations. It's like inviting an insurance firm to audit the damage caused to the properties inside a building which was raised down completely by fire. If their audit was only based on testimony or claims from the occupants, no receipts and verifications, no actual inspection of the house In question Due to constraints like non-cooperation from some of the occupants etc.

It is very clear. They have excused themselves from any liability whatsoever that will arise from anybody relying on the report. The assignment is not the conventional statutory audit so they can't really give an opinion of qualification or not.

Caveats. Escape clauses. Red flags. Sadly a waste, a costly exercise with zilch to show for it and a lot of dough down the drain into the bargain There is yet hope

socialmediaman:
Op, from my personal experience, when an audit firm makes such statement, it means they depended on non-standard means of audit based on their limitations. It's like inviting an insurance firm to audit the damage caused to the properties inside a building which was raised down completely by fire. If their audit was only based on testimony or claims from the occupants, no receipts and verifications, no actual inspection of the house In question Due to constraints like non-cooperation from some of the occupants etc.

But that shouldn't have passed as an Audit! So what is the way forward? Please pardon my ignorance!

Clerverly:


But that shouldn't have passed as an Audit! So what is the way forward? Please pardon my ignorance!

Don't forget they were paid to do a job and the same institution who paid them limited their capacities in terms of access to exhaustive information needed for the audit

seunmsg:
It is very clear. They have excused themselves from any liability whatsoever that will arise from anybody relying on the report. The assignment is not the conventional statutory audit so they can't really give an opinion of qualification or not.

Shouldn't they have backed off citing professional ethics?

Simple.. it means a new audit will be carried out by d new government and don't be shocked if more than 50billion is discovered missin this time around.... NNPC=CABAL

That report is besieged or held captive with descrepancies, auditing hiatus, financial diastem, humongous omission or gaps, and it's professionally bereft of modicum auditing validity and as such, it is watery and coterminous to a gargatuan fatuity.
gej is going to jail!

Clerverly:


Shouldn't they have backed off citing professional ethics?

they were hired to do a job and, they did without being given the needed info... I guess they did that waiting for a day like this to be vindicated.

Clerverly:


Shouldn't they have backed off citing professional ethics?

I don't really see any ethical issues here. The Auditor has to be careful in their choice of words so, you should not expect them to start accusing NNPC directly of any wrong doing. In fact, they did a very good job by highlighting and confirming the major issues that were raised by Sanusi. Today, we know for sure that NPDC has refused to remit over $5billion into the federation account and we also know that NNPC claimed to have paid over $8billion on PMS and DPK subsidy without national assembly appropriation. So, it is left for the incoming government to look into their findings and take all necessary actions.

Clerverly:


Shouldn't they have backed off citing professional ethics?

You have asked a very intellegent question. I am positive that PWC would have kept mute about it if the current government had continued in office. But they were quick to voice out before the report goes public and gets to the hands of the new government.

Ah Nigeria! Corruption everywhere. Professional ethics has been thrown to the winds. It still beats me that a "formerly reputable" audit firm like PWC will stoop this low as to aid the current government to deceive the people of Nigeria and the world.


I support the decision of the incoming administration to probe and prosecute corrupt public office holders.

#saynotocorruption

Big lie from the pit of APC hell. This fabricated lies to discredit the PWC audit report must have originated fron Lai Mohammed and co. APC should stop feeding Nigerians with lies. PWC did a good job.

For the first time, as far as I'm concerned, Jonathan's supporters are finding it hard to defend him. When this man is called clueless, his supporters get angry. How could he have released such a report with such a statement?

omolami:
Big lie from the pit of APC hell. This fabricated lies to discredit the PWC audit report must have originated fron Lai Mohammed and co. APC should stop feeding Nigerians with lies. PWC did a good job.

Shut up and learn if comprehension is your problem.

Firm contracted to audit account admits it's audit is inaccurate and can not be relied on. That's professionalism. They must have been arm twisted and compromised to produce what they fed the nation with. At the same time, they came clean telling us something fishy went under and report should be disregarded. Who says another probe is not needed. Part of the $20 billion has gone into campaign. 2 trillion is about $10 billion. This cash must surely come out. GMB, nigerians are behind u.

omolami:
Big lie from the pit of APC hell. This fabricated lies to discredit the PWC audit report must have originated fron Lai Mohammed and co. APC should stop feeding Nigerians with lies. PWC did a good job.

You can't be a true son of Oduduwa.

PWC did their job perfectly well. How can an auditor give an opinion when they are denied access to financial statements and evidence? Even with what they had access to, they provided us some information about funny activity. NNPC is the one that retained an audit firm and refused to cooperate. You cannot call an audit firm and deny them access to all your financial statement and supporting evidence and expect an opinion. The audit firm, to keep its integrity cannot give opinions under such circumstances

baby124:
PWC did their job perfectly well. How can an auditor give an opinion when they are denied access to financial statements and evidence? Even with what they had access to, they provided us some information about funny activity. NNPC is the one that retained an audit firm and refused to cooperate. You cannot call an audit firm and deny them access to all your financial statement and supporting evidence and expect an opinion. The audit firm, to keep its integrity cannot give opinions under such circumstances

Could it be the reason, jonathan was reluctant to release the said "Report?

omolami:
[s]Big lie from the pit of APC hell. This fabricated lies to discredit the PWC audit report must have originated fron Lai Mohammed and co. APC should stop feeding Nigerians with lies. PWC did a good job.[/s]

Have you seen the entire report?

Clerverly:


Could it be the reason, jonathan was reluctant to release the said "Report?

Yes, that is the reason why. They probably thought the auditors will cooperate. But an auditor has to keep their independence and integrity otherwise the firm can get sued and reputation destroyed. What any audit firm survives on is their reputation. I wonder though how possible it is that they did not suspect or see fraudulent activity. Especially in a fraudulent place like NNPC. The disclaimer is a blanket opinion in a place like NNPC as far as I am concerned. Maybe that is as far as some elements in the firm were willing to go for NNPC, which still indicts NNPC and absolves the audit firm of any future issues related to this audit

lalasticlala! How many times?

OrlandoOwoh:
For the first time, as far as I'm concerned, Jonathan's supporters are finding it hard to defend him. When this man is called clueless, his supporters get angry. How could he have released such a report with such a statement?

You lack any slight knowledge of the agency of government called NNPC and it's relationship with the chief executive.

You need "out of classroom" experience, and probably management/administrative one to catch up.


Does it occur to you that Buhari has not extricated himself with his involvement in corruption cases associated with the same agency?

IsraeliAIRFORCE:


You lack any slight knowledge of the agency of government called NNPC and it's relationship with the chief executive.

You need "out of classroom" experience, and probably management/administrative one to catch up.


Does it occur to you that Buhari has not extricated himself with his involvement in corruption cases associated with the same agency?

Ngwakwe, go lick your wound. Did you lose your post as a moderator? Your name is not on the list.

Lalasticlala, what sayeth thou??