False9
Thank you for your reply. I am not sure I fully understand what you are saying – but I will attempt to respond in order to the points you made.
Firstly, are you saying that in your opinion the $8k overstatement by Nick Gaston in the Cash position for 30/7/17 is “not classified as material”.
Secondly, unlike you I do not claim to be an accountant – but I am well aware that figures can lie & liars can figure.
To combine the 2 above points together – let me point out the following.
The definition of cash is the same for the unaudited accounts & the audited accounts – the cash position should be the same. Any discrepancy between the 2 (without adequate explanation in the accounts) is a misleading error that should unacceptable to the board and to shareholders.
False9 – I think you have deliberately misstated my problem with APG’s unaudited cash statements. As you must know - directing enquiries on the unaudited cash position to the auditors would be a waste of time. The auditor can only comment on the audited accounts.
Let me state clearly that I have absolutely no problems with the auditors figures – I believe the audited Cash positions are correct. The auditors look at the evidence (in APGs case this would mainly be the bank statement) to confirm what cash is there.
My query is that the unaudited cash positions that Nick Gaston puts out, do NOT agree with the auditor. The APG audit committee has responsibility to shareholders for accuracy of accounts – so ask the question to Colin Iles.
Thirdly, I will acknowledge that over recent years I have been a critic of the APG board & secretary.
From my close communications & interaction with the APG board & secretary while trying understand the APG Staff Share Purchase Plan – I formed a low opinion of their collective integrity and competence. I found out that the APG secretary & board is terrified of putting any response on email or paper. I hope that new director Iles might make a difference.
False9, I should point out here that shareholders are entitled to ask questions of APG management. It should be possible to get an answer without having to to attend the AGM and engage in a “war of words”.
And a word of warning here, do not telegraph to APG that you are coming to the AGM with some difficult questions – or you may have the unpleasant experience of having a friend of the APG board sitting directly behind you, constantly heckling you, as you try to ask your questions.
Fourthly, you seem to be saying that Colin Iles is too busy being a consultant/ salesman for APG to take his duties and responsibilities to shareholders as a director seriously.
You further say that director Iles is not too involved in the accounting/ statutory side of things.
If director Iles, who is on the Audit committee (but doesn’t seem to be attending board meetings) cannot answer this simple question - what hope is there for any change.
I suppose that the board can get away with anything – as long as the shareholders are docile enough to accept it.
Hopefully, someone who is attending the APG AGM will see the value in asking this question of Colin Iles:
Why is APG counting something as cash in the unaudited reports, that is not counted as cash in the APG audited reports ??
Wilcox
False9 - the new director’s surname is Iles not Isles
