Accountancy know-how

I note that another Financial institution – Banksia has gone into administration owing $600M+.  Would someone tell this non-accounting person – wouldn’t it take some considerable time to accumulate that size loss; wasn’t there a constant watch on the books of the company, and if not why not; and why wasn’t the plug pulled when losses were running at say, a manageable $100M and avoid such a huge loss to investors?
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One thought on “Accountancy know-how

  1. Audits done annually, greedy booses without the time to really understand their bussinesses and lets face it 100M is just as unmanagagable as 600m…..why do people let their credit cards creep up and up and up – deal with it later mentality!

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