Everything Related to the Steelpan Instrument and Music
by Joel Julien - Trinidad Guardian
There is “significant doubt” about Pan Trinbago’s ability to continue as a “going concern” in the light of a $34.5 million debt facing the organisation, PKF Chartered Accountants and Business Advisors has stated in its latest independent auditors’ report of the organisation...
...Last Saturday PKF delivered its independent auditors’ report of Pan Trinbago.
“We draw attention to Note 2 in the financial statements which discloses that the Organisation has an Accumulated Deficit of $10,485,685 as at 30 June 2016 and its liabilities exceed its current assets and investments by $14,954,960 as at the year end. Additionally, International Conference and Panorama, a subsidiary of Pan Trinbago, has outstanding liabilities totalling $9,081,621 which the Organisation may be liable to pay in the near future,” PKF stated in the Emphasis of Matter section of the report.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Organisation’s ability to continue as a going concern. Our opinion was not qualified in respect of this matter,” PKF stated.
PKF Independent auditors’ report came out at a time when the operations of Pan Trinbago are being questioned...