06-12-2014, 05:24 AM
At this point, the word "logic" and NQ probably doesn't go together, but what the hell,
Per NQ's 4/30 PR, PwC has seen first hand and used information from IC's work. As many have pointed out, PwC would never sign off on the 20F until the IC's report is done. Now, flip the argument, would IC and D&T release the "no fraud" finding only to have PwC resign or give a qualified opinion 2 weeks later? That would be a slap on Shearman and D&T's face, and not to mention call into question prior work done by PwC. So, I still see a qualified opinion as a low probability event.
Per NQ's 4/30 PR, PwC has seen first hand and used information from IC's work. As many have pointed out, PwC would never sign off on the 20F until the IC's report is done. Now, flip the argument, would IC and D&T release the "no fraud" finding only to have PwC resign or give a qualified opinion 2 weeks later? That would be a slap on Shearman and D&T's face, and not to mention call into question prior work done by PwC. So, I still see a qualified opinion as a low probability event.