Page 30 - Patisserie Valerie Teaching Note
P. 30
The problem here is how does someone like Mike Ashley
value any acquisition such as Patisserie Valerie when its
audited accounts are so blatantly false. Where the level of
fraud more than doubles in a two-month period and
valuations are subject to revision? This speaks directly to the
efficacy of the work of the company’s auditors and the role
they play in business. As a purchaser can you truly
understand what you are buying, are you buying a good
business which has been defrauded or are you buying a bad
business that was made to look good by a fraud?
