The Institute of Public Accountants (IPA) in Australia is investigating the 2017 Financial Statements Report issued on October 18, 2017, by the Jewellers Association of Australia (JAA). According to a report in Jeweller Magazine, the report “was error-laden, with five different trading results (losses) recorded throughout […]”.
Five days after issuing the report, the JAA blamed the JAA auditors for the errors, claiming that they “have acknowledged some typographical errors and they are in the process of rectifying these mistakes and formerly explaining what has occurred”.
According to Jeweller Magazine, a second set of Financial Statements was issued by the JAA on October 31 “rectifying the obvious errors; however, the report did not ‘formerly explain’ how the errors had occurred”. The IPA’s investigation into the errors and how they occurred will probably be completed in six to nine months.
