Protecting the investor


How much faith should we place in audited accounts?

Louis Gargour: None at all. Every set of accounts varies from company to company and from country to country. That, I think, is the biggest problem in analysing and understanding a company.

Martin Gallagher: The lack of consistency across accounting regimes is probably the most difficult concept for investors to get their heads around. And that makes it difficult to discern cross-border relative value opportunities in fixed-income

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