JCI and KPMG pull another fast one

JCI and KPMG pull another fast one

Investec and its auditors contrive an AGM that isn’t really, to approve a clutch of annual accounts that aren’t really either.

On Friday, 10 June 2017 JCI held what it called its “Annual General Meeting”. Accompanying the notice of the meeting was a document titled “Group Financial Statements for the periods ended 31 March 2013, 30 June 2014, 30 June 2015 and 30 June 2016. Prepared by Guy Patron (JCI Group Accountant)”.

These “Group Financial Statements” were not compliant with the law in that they were not prepared according to International Financial Reporting Standards (IFRS) or in accordance with the Companies Act. The document did not contain a Statement of Financial Position or a Statement of Comprehensive Income, instead it contained what it called a Group Statement of Net Assets.

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