Stephen Mayne

speaker

4,168 appearances 11 recordings 1 series first heard Apr 2026 last heard 8 Sep

Stephen Mayne’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Jul 2026 with 4.

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The Money Café with Alan Kohler · Housing's Perfect Storm · 8 Sep 2026 podcast

I mean, I think you do get a lot of cases of audit firms forcing stuff.

I mean, I had an amusing one last week.

I like to track the last day laggards, so companies that wait until the last day to announce their profits.

And there's a company called Grange Resources, which is based in Burnie, Tasmania and controlled by a Chinese government-owned entity.

And I ran for their board last year saying you should have a hybrid AGM.

And if I'd been able to go to the meeting, I would have been saying, well, hang on, you reckon you're worth $1.3 billion, yet the accounts only say you're worth $300 million.

What's going on?

So PWC is the auditor.

They came in with a $542 million loss.

And they announced that at 5.42 p.m.

So I thought there was some nice symmetry between that.

A $542 million loss announced on the last possible day at 5.42 p.m.

And that was the accounts, PwC is the auditor, getting a bit closer to the market's assessment, but there's still a couple hundred million above where they're claiming they're worth, you know, what?

$542 million.

$500 or $600 and the market's assessment is still less than that.

So for me, that's the ultimate benchmark is when a public company goes to the annual meeting and says, our audit accounts show we're worth X. If the market is saying less, then the obvious question I always ask it is, who's right, the market or the auditor and why haven't you written down to below the market?

So the market is assessing the audit every day of the week when they value the company.

And auditors should be driving write-downs when the market's assessment is it's nowhere near what you claim it's worth.

Your turn, boss.

What do

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