Goldplat Share Discussion Threads

[lowtrawler] 31/1/2023 10:03

shill10, good find on BDO's troubles elsewhere. I will wait for the full story once the accounts appear - we can't do anything until then anyway due to the suspension.

More important to BDO than any fine will be professional body disciplinary action taken against any of the partners. If the problems do sit with BDO, it could be career ending for those responsible. If a pattern is found covering several clients, the senior partners are likely to have action taken against them. The professional bodies can also impose fines far larger than any damages through the court system.

[shareholder7] 31/1/2023 09:48

I wonder what ERP system GDP uses as this would help to explain any issues as well I hope it's not a Micky Mouse system plus Excel spread sheets If you have a good ERP you can easily audit this as it's the balance sheet where all figures can be manipulated Stock, Debtors and GRNI could all be inflated and building up balances that will need to be written off Journal entries are the key and they need to be looked into

[shill10] 31/1/2023 09:31

Alm, take a breath mate, you'll give yourself a heart attack. We are all angry but as above by far the most likely cause is BDO understaffing/incompetence - if that is indeed the case then of course BDO will be fired, but as it says in the story I posted, if BDO refuse to resign then Goldplat can do nothing to remove them until they complete the audit. The sad truth is that BDO likely know that Goldplat will fire them and are thus more bothered to keep other remaining clients happy rather than GDP, thus lengthening the delays further. They may well have insurance to cover any suing of their firm by GDP, taking that leverage away also - so we just have to sit and wait, for me little blame attached to GDP BOD as yet, let's see.

[kimboy2] 31/1/2023 09:15

We can't be certain the problem is BDO, but the balance of probabilities would suggest that they are the main cause.

The company says they expect "the numbers to be in line with market expectations". The AIM rules of course say that they can't issue misleading statements, and the NOMAD should make sure they don't.

The word 'expect' is a bit of a weasel word.

[shill10] 31/1/2023 08:14

You are welcome, Kimboy, hope this makes some people less anxious, but still furious at these BDO clowns.

[shill10] 31/1/2023 08:13

Lowtrawler, given it has happened before it is clearly the most likely scenario - I too find it shocking that an Auditor can take on too much work and be so short staffed, but if these clowns can delay an audit for one company for this reason by 9 months, they can certainly delay Goldplat's results by 8 weeks.

[lowtrawler] 31/1/2023 08:08

shill10, a year end audit for GDP should take no more than 8 weeks. Typically, I would have expected about 5 weeks. BDO would have commenced their audit last year in expectation for the accounts to be published last year. Even if they had planned poorly, a delay to 20th January would have been more than enough time for an audit to commence and complete. We should not assume this is down to auditor competence.

[kimboy2] 31/1/2023 08:06

Thanks shill10. I no longer find it difficult to believe BDO can be this inefficient.

[kimboy2] 31/1/2023 08:03

Lowtrawler
You would imagine there must be a dispute. I find it difficult to believe that BDO can be this inefficient.

The thing is the accounts were very late last year as well and IIRC the AGM ran in to the New Year then as well.

[shill10] 31/1/2023 08:01

Well Lowtrawler, here's an example of such a delay of several times the magnitude (9 months!), caused by BDO taking on too much work and being short staffed. Given we are unlike Tetrosyl a listed company (and hence far more embarrassing for BDO), one would hope that they give a little more priority to us, but this news clearly makes the cause of the delay likely to be benign for GDP.

[lowtrawler] 31/1/2023 07:53

Kimboy, BDO are not going to provide an audit opinion until they have completed their work. They have had ample time to do so and something must be preventing completion. Usually, it is failure of the company to provide supporting evidence for key disclosures. Occasionally, there will be disputes over accounting treatment but those are generally easily resolved through enhanced disclosure.Given statements from GDP, neither of these seems likely. The more worrying possibility is BDO found a major issue which alters the accounts. Again, GDP are not showing any signs this is the case. GDP are pointing the finger at BDO being incompetent in completing their work. I found it difficult to believe this was the cause of our initial delay causing suspension. I think it highly unlikely to have caused a delay beyond January.We are in the dark.

[shill10] 31/1/2023 07:51

I'm, not worried, just annoyed and angry at this incompetence by BDO. Its been said before, if anything untoward had been found then there's a legal obligation by the BOD to announce as soon as discovered - we have had the opposite, so the cause is a boring a frustrating as BDO not doing there job in time. They will be out the door asap and this will be tomorrow's Fish and Chip paper.

[kimboy2] 31/1/2023 07:47

Q2/23 update is due the beginning of February, before the results.

[arlington chetwynd talbott] 31/1/2023 07:36

20th February now. This is just appalling. We need them to explain exactly how this has happened and what they are going to do about it.

[lowtrawler] 31/1/2023 07:35

They didn't issue a statement until after 2pm on the 20th. I expect the same today. If the accounts were ready, we would have had an early RNS. If they expected BDO to hurry up in response to lame threats, it didn't work.

[kimboy2] 31/1/2023 07:33

Well I would be interested in anyone who is an auditor to tell me what they think is going on.

[arlington chetwynd talbott] 31/1/2023 07:21

This is farcical.

[michaelfenton] 31/1/2023 07:20

WTF no early RNS? Surely they have to declare something today? Or what?

[michaelfenton] 31/1/2023 04:54

No way. daijavu.

[daijavu] 31/1/2023 00:39

Is GDP likely to fold?

[michaelfenton] 30/1/2023 09:05

Suer thing LT not so long to wait and i have been a long term holder and will hopefully continue to be so after witnessing many banana skins.

[lowtrawler] 30/1/2023 08:43

MF, the time to question is tomorrow afternoon.

[michaelfenton] 30/1/2023 07:44

It is Monday today right? And tomorrow is the last day of the month? WTF?