Sport AFL Shortcomings in Port Adelaide’s ASIC accounts

Shortcomings in Port Adelaide’s ASIC accounts

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Issues with Port Adelaide’s financial reporting were not limited to the announcement of its operating loss.

The New Daily last week alerted the club, and its auditors from accounting firm BDO, to shortcomings in the official accounts filed to the Australian Securities and Investments Commission.

The accounts, as filed to ASIC on March 20, did not contain a signed statement from the club’s auditors.

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However, they did include a confidential report prepared by the BDO audit team, which detailed private advice given to the club about the preparation of the 2014 accounts.

A member of Port Adelaide’s finance division included the sensitive report by mistake in the ASIC filing.

The club has since recalled the filing and resubmitted amended accounts.

When The New Daily notified BDO engagement partner Geoff Edwards last week that copies of his confidential report were in the public domain, he said: “You’re kidding.”

When asked whether the BDO audit team had asked the club to include the confidential audit report in the accounts, Mr Edwards said: “We absolutely have not asked the club to include that report in the accounts.

“They’ve done that in error.”

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