| > And it's been audited by more than two audit firms now, so I expect it must be somewhat realistic. Nitpick: we can't see the actual financials because they are "Commercial-in-Confidence". When you bring in an outside firm to audit something, if it's not a report regulated by law (eg the annual report of a public company) you can instruct them to use any assumptions or constraints that you wish. An audit will only point out if your formulae are incorrectly formed (invalid), not whether they are at all realistic. For example, NBN's internal funding plan might say something like: "We assume 100% takeup in 2 years". And the auditor's job isn't to say "2 years to 100%? That seems unlikely". It's actually to say, "given 100% in 2 years, our calculation is X, and your calculation is also X, therefore the audit passes". |