Do you think it could be they didn't file a press release because the amounts were immaterial?
In your experience with auditing, do the auditors request the balance information from the banks or does the company request it on their behalf? Is your understanding of the press release that the balances in the accounts couldn't be verified because the bank failed to verify or because the company refused to get the bank to send the confirmations?
Why would it take 3 years, isn't it a standard part of an audit to get the bank confirmations?
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