Thursday 19 August 2010

WHK Horwath has verified Abbott & Co policy costings? G'arn!


Doesn't bluddy bode well. One of the only concrete things Abbott and Co actually do in the middle of all their campaign spin is to sidestep the Australian Treasury and contract the frequently rebranded accounting firm WHK Horwath (which is a listed company and the member firm representing Crowe Horwath International throughout Australia and New Zealand) to run a calculator over their policy costings.
"We aim to establish strong relationships with our clients, becoming an integral part of their organisation, adding value every step of the way through our proactive approach and driving their success." sez Horwath.
Gawd, I 'opes not!
In 2006 as Horwath & Horwath this company settled a claim "made in respect of 6 audits conducted by Horwath & Horwath as well as in relation to the preparation and verification of various financial reports pursuant to certain provisions of the trust deed. In particular the claim relates to the way Horwath & Horwath reported on, and failed to conclude that the provision for bad and doubtful debts in Geneva's financial statements was materially understated. It also concerns their failure to report on how Geneva did not have in place and maintain a satisfactory system of internal controls, as a result of which it followed poor lending practices."
And in its current manifestation it's into online footy tipping!
In 2010 WHK as it's now known may have agreed to honestly report on Coalition costings, but really, what in earth was it thinking to land the accountancy group in the middle of this particular political pottage.

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