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The case that broke out around GetBack cast a shadow over many public institutions, investment funds, the capital market and the audit industry . According to the findings of the Polish Financial Supervisory Authority (KNF), in the company last year there were, inter alia,
The chairman of the supervision, Marek Chrzanowski, said at the DGP in mid-June that although the auditor is not responsible for the financial report, he has reservations about the work done by the auditor in GetBack .
On behalf of the debt collector, his financial report was the subject of an investigation by Deloitte, a wholesale four company. In the case of the 2017 report which, after several postponements of deadlines, was finally made public at the beginning of July, the auditor refrained from issuing an opinion about it
High advice bill [19659005] We have been able to determine that Deloitte cooperated for several years For years with GetBack, it has been lavishly rewarded not only for the work of an auditor, but also for tax, legal advice and consultancy. These services were provided by various companies operating under the Deloitte name. In total, in 2017, they issued a gross bill of nearly 7.4 million zlotys. A year earlier, the company paid for legal and tax advisory services and audit paid a multiple of PLN 1.1 million
What did Deloitte for GetBack? According to information from the DGP, he made the most of the work related to the entry of the debt collector on the Warsaw Stock Exchange. Preparations for the public offering of shares (IPO) were valued at nearly PLN 5 million
Firma Deloitte Consulting for consultancy services and the due diligence process in one of the projects won more than 850,000 last year. PLN Deloitte Doradztwo Podatkowe, more than 390 thousand PLN (including work related to the beginnings on the WSE). Deloitte Legal has issued invoices for less than 50,000 PLN (preparation for the IPO), and Deloitte Polska for more than PLN 6 million (review of the company's financial statements as part of its entry on the WSE and standard audit services). The latest Deloitte invoices date from the end of December 2017
In 2016, only Deloitte Polska worked for GetBack which, for audited earned 506 thousand. PLN and Deloitte Doradztwo Podatkowe, who collected 607,000 zlotys.
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– The total compensation that Deloitte received from GetBack has been included in its financial statements. We attach great importance to the quality of our work, the opinions expressed and the respect of professional standards. (…) The obligation to keep confidential information about customers prevents us from discussing the execution of orders or details of contracts – Deloitte's lawyer Ewa Rzeczkowska told us written
. In May 2017, Deloitte was expected to earn about PLN 1.84 million for the auditor's work for the years 2017 to 2018.
We also asked a few people working in the largest consulting firms to comment on amounts paid by GetBack. Nobody wanted to speak under the name
– The rates make impression, like the best years before the outbreak of the crisis. However, even at that time, it was the amounts of audit and consulting fees that paid the largest public companies in Poland – says our interlocutor of one of the so-called companies. big four. He points out that the highest count involved the process of introducing GetBack on the WSE, which was a unique event.
– We all know that the company rewards extensively the entities involved in the IPO. They can not be valued in non-market terms, because the largest companies are expensive and the rates are negotiated individually – adds
At DGP, we have already described that in the prospectus, the company estimated that eight houses of brokerage had introduced it to Warsaw, he will receive a salary of the order of 19-56 million PLN. Supervision is taught at GetBack
A month after the outbreak of the GetBack case, the Oversight Audit Commission began to review the work of auditors related to the company. On May 22, she decided to start "surveillance activities". He does not disclose what, because he is bound by the law on certified auditors.
– The Department of Finance is currently conducting analyzes on the need to broaden the AOC control tools and strengthen public control of the audit market ] – we read in response to our questions. the head of the Polish Financial Supervisory Authority wants to shake the listeners. During a conversation with DGP a month ago, he announced that he was in favor of creating a whitelist of listeners in Poland . If a company in this industry wants to undertake reports of audit entities in the financial market, it should first register for such a list.
Supervision has no legislative initiative, but has submitted its ideas to the Ministry of Finance which assures us that it analyzes the request.
The Supervisory Board failed
In addition to Deloitte's work, the role of the GetBack audit committee, which is part of the company's supervisory board, is also noteworthy. His duties include monitoring and reviewing the financial statements. During the period for which the PFSA made reservations and submitted a notification to the prosecutor 's office concerning suspicions of commission of a crime, Kenneth William Maynard, Wojciech Łukawski and Alicja Kornasiewicz sat on the committee. audit. Maynard was head of the company's supervisory board and, after the dismissal of the chairman of the board of directors, Konrad K. was delegated to his position. He resigned from both positions on May 7. It turned out that he received an additional salary of about 3 million PLN from the collection committee, in addition to the money that he collected at the board of directors. 39; administration. We were able to determine that there is a fee for services related to obtaining funding for GetBack. New authorities of the company however, question this contract and called Maynard for a refund. At the same time, the case is the subject of one of the reports that GetBack has filed with the prosecutor's office.
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