The Soapbox

Joined: 01/04/2001 Posts: 35240
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I'm not sure what you mean when you say "most of the info came

from Mazars. They only compiled the Trump Org info. They're mainly responsible for the presentation of the numbers. Here's a nerdy explanation from an accounting professor:

In an email, Boyle said: “A compilation engagement follows guidance from the Statements on Standards for Accounting and Review Services (SSARS) issued by the AICPA. AR-C Section 80A paragraph .02 states, ‘Because a compilation engagement is not an assurance engagement, a compilation engagement does not require the accountant to verify the accuracy or completeness of the information provided by management or otherwise gather evidence to express an opinion or a conclusion on the financial statements’ (emphasis added).

Mazars wasn't responsible for any of the accuracy of the numbers, of which they would have notified users in the standard CYA disclaimer of the limits of compilations.

(In response to this post by southdenverhoo)

Posted: 09/22/2022 at 08:53AM

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Donald Trump blames banks/investors for relying on Org's financials ... -- Blah 09/22/2022 07:32AM

I don't really have an issue with Trump screwing with the banks. I do have -- Faz d. Hoo 09/22/2022 11:15AM

I do. When he defaults, and doesn't have the assets to cover, the bank -- Plano Hoo 09/22/2022 11:32AM

Remember Deutsche issues the debt for the Trump Org. -- Blah 09/22/2022 11:21AM

Where do you want to go with this? This wouldn't be the first time a bank -- Faz d. Hoo 09/22/2022 11:38AM

Purposely misrepresenting your financials on your prospectus is illegal. -- Blah 09/22/2022 11:52AM

Again, where do you want to go with this? -- Faz d. Hoo 09/22/2022 12:12PM

Where do you think I'm going with this? James is only ... -- Blah 09/22/2022 12:26PM

I just don't care about the Trump organization. In the grand scheme of -- Faz d. Hoo 09/22/2022 12:46PM

That's fine, but the people and organizations who were defrauded ... -- Blah 09/22/2022 1:06PM

They fucked up. They trusted him. ** -- Hoo TV 09/22/2022 08:59AM

The mental gymnastics one must go thru to defend this guy are incredible! ** -- HoodatB 09/22/2022 08:55AM

That incompetency defense is looking better every day ** -- 757 09/22/2022 09:01AM

Trump is like if Qanon was a person -- WahooMatt05 09/22/2022 08:33AM

I doubt that disclaimer exists. What bank would accept that? -- Plano Hoo 09/22/2022 08:19AM

The statements were only compiled. The disclaimer attached -- Shenhoo 09/22/2022 08:41AM

Alright, I'll buy that. The implication of the post was that the disclaimer -- Plano Hoo 09/22/2022 11:28AM

At the time Deutsche issued Trump Org's bonds ... -- Blah 09/22/2022 09:14AM

Is Mazar's liable? I really doubt they are if they followed AICPA -- Shenhoo 09/22/2022 09:23AM

Interesting. I suspect some investors might try to hold ... -- Blah 09/22/2022 09:40AM

I'd agree with that. I'd too expect investors to go after Mazar's for any -- Shenhoo 09/22/2022 09:48AM

If there is one email where someone from Mazar questioned Trump Org -- Zhoo 09/22/2022 10:18AM

They are ** -- Zhoo 09/22/2022 09:30AM

I really doubt they are. I have to disagree. But it won't break my heart -- Shenhoo 09/22/2022 09:33AM

I think they were part of the "game" ** -- Zhoo 09/22/2022 09:56AM

Every major accounting firm will be looking at this case closely. -- Shenhoo 09/22/2022 09:59AM

All I know is I have seen firms -- Zhoo 09/22/2022 10:17AM

Exactly ** -- 111Balz 09/22/2022 09:07AM

This February, Mazars, retracted the financial statements. -- Blah 09/22/2022 08:28AM

Mazars was just as guilty IMO -- Zhoo 09/22/2022 09:00AM

I'm not masochistic enough to have sat down and read the indictment but I -- southdenverhoo 09/22/2022 08:42AM

I'm not sure what you mean when you say "most of the info came -- Shenhoo 09/22/2022 08:53AM

So Mazars only compiled the information into a document to give lenders -- Cold Hoober Hoo 09/22/2022 09:55AM

To add, I'd have to assume Deutsch Bank insisted on seeing Trump's tax -- Shenhoo 09/22/2022 10:13AM

I don’t know much about Deutsch Bank but it sounds -- Cold Hoober Hoo 09/22/2022 10:39AM

There are a ton of stories in Google using -- Shenhoo 09/22/2022 10:45AM

That's right. In fact, most banks didn't make loans on the info. -- Shenhoo 09/22/2022 10:02AM

Most investment banks were not comfortable issuing ... -- Blah 09/22/2022 10:20AM

He was asset rich, cash poor??? :) -- Zhoo 09/22/2022 10:29AM

I mean they co-operated with the investigation. Boy did they co-operate. ** -- southdenverhoo 09/22/2022 08:57AM

With independent accounting firms, reputation is everything. It's what -- Shenhoo 09/22/2022 09:39AM

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Yes. To my surprise. I don't know about "is talking," just "has talked." ** -- southdenverhoo 09/22/2022 08:59AM

Interesting. His testimony under oath in the near future ... -- Blah 09/22/2022 09:01AM

It's the perfect disclaimer, an extremely strong disclaimer, with fire, -- Hoo TV 09/22/2022 08:12AM

Very powerful disclaimer. More bull shit -- 757 09/22/2022 08:08AM

They're all suckers and losers. -- Chuck Taylor 09/22/2022 07:56AM

What's in in it for THEM? ** -- Hoo TV 09/22/2022 07:59AM

Not the banks! Who will protect the poor snowflake banks from the consumer?** -- ryno hoo 09/22/2022 07:51AM

The banks sell the paper for the Trump Org. Who do you think -- Blah 09/22/2022 07:57AM

There's that, but there is also harm to Trump org competitors if Trump -- Shenhoo 09/22/2022 09:44AM

Wouldn’t the creditor also be defrauded since they didn’t receive -- SixerHoo 09/22/2022 11:03AM

Absolutely. They lost revenue that they should have -- Shenhoo 09/22/2022 11:05AM

Good point. I never thought about that angle. Trump Org ... -- Blah 09/22/2022 09:47AM

You’re funny ** -- Plano Hoo 09/22/2022 07:53AM

No, he's pathetic. If he really believes the shit he posts, he is one ... -- HowieT3 09/22/2022 08:55AM

Sarcasm doesn't translate on the board. He's a clown ** -- Plano Hoo 09/22/2022 11:29AM

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The art of the art of the deal ** -- Hoo TV 09/22/2022 08:21AM

Yes. Fred Trump was more about stealing value whether through ... -- Blah 09/22/2022 07:55AM

Only the best disclaimers! ** -- SixerHoo 09/22/2022 07:34AM

LMAO ** -- HoodatB 09/22/2022 08:56AM

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