Originally Posted by
2 Whites 2 Reds
From a previous life I can tell you that any decent management accountant worth his (or her) salt will be able to decipher the bull**** and give a reasonable assessment of the state of play to the buyer.
Due diligence may not uncover everything but if people are found lying they are liable. Additionally, any contract of sale will include certain warranties valid for 'x' period so its not quite as simple as them hiding stuff and IAG not finding it.
At my previous company, the Finance Director once told me -
Certifed Accountants keep the books...Chartered Accountants audit the books...And Management Accountants understand what the numbers mean.