Ontario AG threatens to issue Adverse Opinion

[Argus]

In case you wonder what that is, it's an official accounting term.

"An adverse opinion is a professional opinion made by an auditor indicating that a company's financial statements are misrepresented, misstated and do not accurately reflect its financial performance and health."

What it essentially means is that the auditor finds the company or organization is cooking the books, and that the financial results presented are not to be relied upon. No AG in Canadian history has ever issued an adverse opinion on a municipality, province or federal government's financial statements. Which demonstrates just what depths of dishonesty and deceit the Liberal government has plumbed.  

The problem is the Liberals have been screwing around hiding financial obligations, particularly with electricity. They had loans renegotiated so that they could temporarily cut hydro rates in an election year, then threw the tens of billions in added debt onto the books of a government agency (run by political appointees), which is playing financial games to hide it, lying to the AG and refusing to provide information.

https://www.theglobeandmail.com/canada/article-auditor-general-blasts-bogus-hydro-accounting-strategies-in-ontario/

[Michael Hardner]

https://twitter.com/Sean_YYZ/status/977678589633204224

 

And the campaign is getting dirtier now too.  I feel that the two main candidates represent the worst excesses of their respective parties.

[Rue]

1 hour ago, Michael Hardner said:

https://twitter.com/Sean_YYZ/status/977678589633204224

 

And the campaign is getting dirtier now too.  I feel that the two main candidates represent the worst excesses of their respective parties.

So they both soiled their panties.

Well look at it this way,  whether you like it or not, Doug can aim better.

There I trust that analogy helps.

 

[Michael Hardner]

31 minutes ago, Rue said:

So they both soiled their panties.

Well look at it this way,  whether you like it or not, Doug can aim better.

I'm deciding whether to continue this messy metaphor.

31 minutes ago, Rue said:

There I trust that analogy helps.

 

Doug sprays all over the place, where Kathleen has a focused stream.  She is dirtier, and yet he has the propensity to be dirtier.

 

[capricorn]

On 3/26/2018 at 11:53 AM, Argus said:

In case you wonder what that is, it's an official accounting term.

"An adverse opinion is a professional opinion made by an auditor indicating that a company's financial statements are misrepresented, misstated and do not accurately reflect its financial performance and health."

What it essentially means is that the auditor finds the company or organization is cooking the books, and that the financial results presented are not to be relied upon. No AG in Canadian history has ever issued an adverse opinion on a municipality, province or federal government's financial statements. Which demonstrates just what depths of dishonesty and deceit the Liberal government has plumbed.  

https://www.theglobeandmail.com/canada/article-auditor-general-blasts-bogus-hydro-accounting-strategies-in-ontario/

Bombshell follow-up lengthy article in the Saturday Globe by the same author.

Quote

Earlier that month, the government had announced significant reductions in electricity rates, what it dubbed the Fair Hydro Plan. A decade of investing in greener power sources, such as wind and solar, and the shuttering of cheaper but dirtier coal-fired power plants had resulted in soaring hydro bills – a serious political liability for Ms. Wynne, who had accepted personal responsibility for fixing the problem.

But charging Ontarians less for electricity than it cost to produce meant the province would have to borrow billions of dollars to cover the shortfall.

“In order for that to not show up on the bottom line, they created creative accounting to take it off the government’s statements,” Ms. Lysyk said.

Using that new accounting, the government declared it had balanced the province’s books for the fiscal year ended Mar. 31, 2018, just months before a general election. But Ms. Lysyk said that was not true. And the Financial Accountability Office, the body responsible for providing the legislative assembly with independent analysis and advice on Ontario’s finances, agreed: In December, it forecast that the province would actually rack up a deficit of $4-billion – a discrepancy that will grow markedly as the government’s off-balance-sheet borrowing continues.

https://www.theglobeandmail.com/canada/investigations/article-bad-books-how-ontarios-new-hydro-accounting-could-cost-taxpayers/

Wow! It's time for a public inquiry into this entire accounting situation. This, in addition to Wynne and her Liberals using taxpayers' money to campaign before the writ is dropped illustrates just how corrupt and entitled they have become.

[PIK]

Ford wins and some liberals just might be going to jail.

[betsy]

On 3/26/2018 at 11:53 AM, Argus said:

In case you wonder what that is, it's an official accounting term.

"An adverse opinion is a professional opinion made by an auditor indicating that a company's financial statements are misrepresented, misstated and do not accurately reflect its financial performance and health."

What it essentially means is that the auditor finds the company or organization is cooking the books, and that the financial results presented are not to be relied upon. No AG in Canadian history has ever issued an adverse opinion on a municipality, province or federal government's financial statements. Which demonstrates just what depths of dishonesty and deceit the Liberal government has plumbed.  

The problem is the Liberals have been screwing around hiding financial obligations, particularly with electricity. They had loans renegotiated so that they could temporarily cut hydro rates in an election year, then threw the tens of billions in added debt onto the books of a government agency (run by political appointees), which is playing financial games to hide it, lying to the AG and refusing to provide information.

https://www.theglobeandmail.com/canada/article-auditor-general-blasts-bogus-hydro-accounting-strategies-in-ontario/

 

Will this be downplayed - if it even ever get mentioned at all by the biased media like CBC and CTV?   Of course.

 

I notice they fill up air time with Humbold stories to this day.....and yet, I don't think they ever even scratched the surface of that.

Edited April 25, 2018 by betsy

[betsy]

On 3/26/2018 at 2:53 PM, Michael Hardner said:

I'm deciding whether to continue this messy metaphor.

Doug sprays all over the place, where Kathleen has a focused stream.  She is dirtier, and yet he has the propensity to be dirtier.

 

Doug sprays what people want sprayed. 

Kathleen, is the weed (not to be confused with the smokey type),  that people want to get sprayed off!

Edited April 25, 2018 by betsy

[Boges]

https://www.thestar.com/news/queenspark/2018/04/25/in-scathing-pre-election-report-auditor-general-says-deficit-is-117b-not-67b.html

Quote

 

Auditor general Bonnie Lysyk, who has an ongoing accounting dispute with Premier Kathleen Wynne’s Liberals, said Wednesday that this year’s shortfall is $11.7 billion, not $6.7 billion, as Finance Minister Charles Sousa forecast March 28.

“When expenses are understated, the perception is created that government has more money available than it actually does,” Lysyk wrote in a scathing 27-page pre-election report to the Legislature.

“Government decision-makers might, therefore, allocate money to initiatives and programs that is actually needed to pay for expenses the government has failed to record properly,” she continued.

 

This government is such a tire fire.