Thats the thing. Its arguable that they were correct (within the rules) though its also arguable that they weren't.
Always remember the auditor is not saying the company is OK - but that the accounts are correct.
Have a look here http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=431813#3475767
Look what can be seen from what was reported. Remember ONETEL - was the same.
