FBU - Fletcher Building

[Beagle]

We used to be taught that "an auditor is a watchdog and not a bloodhound". Did anyone hear any barking?

Read any audit report of a listed company and you'll get the gist of what an auditors role is. Pages 97-100 contains EY's audit report which I'm not going to comment on as that would be unprofessional to comment on another firms work without a mandate to thoroughly investigate their processes.
https://fletcherbuilding.com/assets/...ual-report.pdf
I remain of the view that to imply somehow the auditors weren't doing their job was a very cheap shot by Ralph Norris. Any audit report outlines the auditors responsibilities and the Directors responsibilities. Bryan Gaynor outlined deep concerns over governance standards at FBU over recent years. I share his view and concerns and the buck stops with all the directors, (including among others Tony Cater), not just Ralph Norris. The bottom line is he was in the chair when they signed off on arguably the greatest construction cost overruns fiasco N.Z. has ever seen. Why anyone would want to remain as a shareholder until there's a comprehensive board and middle management refresh is a mystery to me.