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?
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