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Posted on 02/15/2022 8:04:46 AM PST by Fido969
The MSM is in rapture about Trumps accounting firm withdrawal and disclaiming financial statements. But where are the facts?
That is not an admission of guilt by the firm, or to be taken as an indicator of guilt by the client.
The firm is question performed compilations for the Trump organization. A compliation involves taking information from the client, putting it in the form of a financial statement, and considering only information that appears obviously wrong, or whether the firm has information that the financial information is incorrect.
A compilation is not an audit, nor even the lesser assurance: a "review". The accountants report on the compilation states that, and also states that the accountant is providing "no assurance" on the accuracy, completeness or validity of the information.
Now, I would mention that the firm may have internal procures to accept engagements based on their perceived ethical standards of the potential client, but in the case of the Trump organizations, I would assume that wouldn't be a problem, unless the service provider had severe TDS.
Now, as a result og the intense AG digging about this matter, the accounting firm firm may have received information from the AG's office about an error on their compilation - for example a company car that was not on the books (happens once and a while: "Wait a minute - the car you use personally is registered in the company name?! We're going to have to put that on the books!") That would be an example of a subsequent discovery of facts. The firm had no initial obligation to search for that car, but learned about it later.
If the accounting firm decided the event or item dicovered was material, they could ask the client to amended the financial statement and reissue, and if the client didn't, the firm would advise 3rd party users to disregard the prior financial statements, by stating the "can't be relied on".
Since the firm had withdrawn for the conflict of interest described above, they wouldn't be able to amend the financial statement, and could only withdraw those statements.
While "accountant withdraws" and "retracts financial statements" and the technical wording "can't rely on" make hysterical headlines, without knowing the facts, they are nothing more than suggestive wording.
So, compare and contrast...
The story of Special Counsel Durham’s charges about Hillary Clinton campaign spying (actual court documents, not “sources”)...
Versus
Trump’s accounting firm withdrawing?
Which story receives more media coverage?
Lame attempt by the PTB to distract attention from the Durham Report.
CPA here.... A Compilation relies solely on client prepared info with no assurance of the numbers. But I have never known a lender who has a client the size of Trump Organization that would not require a full audit. Just my two cents.
And more two cents worth... I have done many Compilations. If I smelled BS I still called them out on it.
Anything to fill up the time and space so they don’t have to report on Hillary and the Democrats spying on Trump throughout the election and during the entire Trump Presidency!
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But that bring into question - what was the subsequent discovery of facts? Was it something that would be critical to the lender’s decision? Or was it merely sloppiness?
I saw a headline from CNN complaining it was worse than impeachment, lol!
This.
I meant to type “claiming” not “complaining.”
Did they cart out that dingbat Bernstein to say it was "worse than Watergate!"
In parallel both parties and the entire state apparatus are actively digging for dirt on Trump and if he gets close to the nomination he will 100% be indicted on some BS. Probably multiple fake indictments.
We have the worst President in at least 50 years right now and the GOP is perfectly fine with him. They've given him everything he asked for, except the Build Back Better bill (but what they did give him was a blank check for $3,000,000,000,000 in new spending on dem wishlist items). This is they guy they are supposed to be opposed to, they line up to make sure he gets his ruinous agenda.
But Trump, who gave us record economic growth, peace in the middle east, historically low unemployment, even diplomatic progress with North Korea ... that guy they will go to any underhanded depths to destroy.
Trump has each parcel of real estate in a separate corporation. Generally, financial statements are per entity and not consolidated unless they are public ownership.
My intuition says that the CPA either conflicted out or were pressured by another client in the cancel culture or by the government through threats.
My best guess, having been in these situations as a CPA, it’s politics.
If they were auditing a municipality, county or government entity, the elected officials may have forced this to retain the larger client.
AND THIS.
<><> BARRON HILTON OF HILTON HOTEL FAME COULD NOT GET AN AC GAMING LICENSE
<><> HUGH HEFNER OF PLAYBOY COULD NOT GET AN AC GAMING LICENSE
<><> BOB GUCCIONE OF PENTHOUSE COULD NOT GET AN AC GAMING LICENSE
TRUMP GOT THREE AC GAMING LICENSES......PLUS ANOTHER IN AN ISLAND RESORT.
I have never known a lender who has a client the size of Trump Organization that would not require a full audit.
Trump had scads of lenders eager to do business with him.
The vetting was brutal.
The only people who care about Hillary already post here.
She’s not newsworthy and never will be, no matter what she does. No one cares who doesn’t already utterly hate her.
“We have the worst President in at least 50 years right now”
Who do you see Biden as an improvement over before 1970?
Yep, you guests it.
I hear a lot about Trump accounting, nothing on Durham. At least in MSM.
Obviously another example of MSM being super biased.
Not that I expected anything else.
I don’t understand.
It’s more than Hillary. Obama led his followers to do this for her—Comey, McCabe, Struck/Strok, Wingman Holder as well as the Fligtline Meeting Lynch...
It’s the whole dang demonrat party and the illegal government they led.
And yeah, we do care about it here.
I know that people tend to overweight Presidents they lived under more than past ones. But until Biden it was hard to give the title of worst prez to anyone but Wilson. And LBJ was certainly in the running along with Jimmah and FDR. Biden hasn’t quite created enough damage yet. But he is certainly in the running for worst.
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