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Yes. Agreed upon procedures is a standard non audit report done with a particular target use case in mind. They can be very valuable or complete garbage. It d
by IG_Semmelweiss 4y ago
Yes.
Agreed upon procedures is a standard non audit report done with a particular target use case in mind.
They can be very valuable or complete garbage. It depends on its design and purpose. The disclosures you quote are standard and would form part of any agreed upon procedures engagement. There is no nefariousness at play.
However, the better questions are:
1- Does this report result in meaningful assurance and if so, why
2- Why isn't here any audit report
- jacquesm 4y ago> There is no nefariousness at play. By Mazars.
- flybrand 4y agoHow can that claim be made?
- jacquesm 4y agoBy carefully reading their statement and to realize that they have very explicitly not said that they are assuming responsibility for these figures in their role as CAs but that this is merely Binance's opinion expressed on Mazar's letterhead.
- mannykannot 4y ago> Merely Binance's opinion expressed on Mazar's letterhead. This alone is at least a gray area, ethically, and not necessarily in just this case. In this particular case, it has made it possible for Binance’s chief strategy officer, Patrick Hillmann, to say things which he subsequently described as “parroting others’ descriptions of this as an independent audit.” Mazar's response so far: "No comment."
- woodruffw 4y agoIf I squint, I can understand the value of a non-audit-audit in some circumstances. But I don't understand the value of it in this circumstance, except for the value in obscuring one's finances behind a "serious" auditor's letterhead. Put another way: the context is anxious investors. Is this intended to assuage them, or is it intended to dupe them?
- WastingMyTime89 4y agoNot necessarily. It might simply be because they wanted to publish something now and not in a couple of months.
- ceejayoz 4y agoThat’s Tether’s old line. News articles about “just a few more months” date back at least five years. https://www.pymnts.com/cryptocurrency/2022/tether-audit-promised-for-5-years-still-months-away-cto-says/ https://www.pymnts.com/cryptocurrency/2022/tether-audit-prom...
- vkou 4y ago"We want to get this not-an-audit out the door now, instead of waiting for a few months" has been their line for years.