A very rare occurence in the auditing field is for an audit firm to give a Disclaimer of Opinion. Recently PWC did just that. In its audit of the Hawera-based company ,Allied Farmers, PWC declined to express opinion. The auditors cited that they were “unable to obtain sufficient audit evidence” that the group will generate enough cash from asset sales, reach agreement with some of its creditors, retain the support of its secured lender, and find new funding. Allied had gotten qualified opinions back in 2010 and 2011.
So looks like things have taken a downturn from prior year as well. Seems like the Hanover and United deal the company did in 2009 in which it aquired the assets of the two companies (valued at $394 million) and which would have transformed Allied into a major lender has definitely gone sour. Lets see how the year goes for the company.
