I understand that all reporting, whether it be half or full year are subject to audit. My concerns are whether or not the audit infers approval of company presentations reflecting "underlying" results i.e. are the extraordinary items included in a report audited or are they simply the directors view of some bad luck they had during the relevant reporting period. It can be quite confusing as it's possible to see one journalist report a company profit while another reports a company loss, the variation resulting from the reporting of statutory profit as opposed to underlying profit. Simply browsing a summarised version of a result is no longer sufficient which makes it harder for the punters out there. I have shares in Decmil who presented a classic case of what I'm talking about. How reliable are director's views of what they consider extraordinary.
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