Accounting firm Mazars, which audits institutions owned by former US President Donald Trump, has said it has stopped working for the former president, adding that it does not have enough confidence in the Trump Institute’s financial statements.
In a letter to the Trump administration, Mazars said it was unable to confirm the organisation’s financial statements between 2011 and 2020 and did not trust the reports.
The Trump administration has said it considers the decision of the Mazars Accounting Company to withdraw from providing services to the organization “disappointing”.
Mazars, meanwhile, has stressed that it has not concluded that the organization’s accounting offices contain major differences.
The letter states that “although the company has not concluded that there is a discrepancy in the various financial reports of the organization, but considering the set of conditions, it believes that it can not consult your organization with the necessary confidence based on these documents.”
The company’s resignation letter is part of a recently leaked lawsuit against Trump for alleged misconduct. The case is based on a lawsuit filed by the New York City Attorney General, who said he had obtained information that the Trump administration had exaggerated the value of its assets.
Donald Trump has denied any wrongdoing in the organization, calling the case part of a political effort to discredit him.
Mazars Accounting Company: We do not trust Trump’s financial statements
Accounting firm Mazars, which has audited the institutions and companies owned by former US President Donald Trump, has announced that it has stopped working for its “old client”.
The accounting firm said it did not have enough confidence in the organization’s financial statements over the past decade as to why it stopped working with Trump.
In a letter to the Trump administration last week, Mazars said it would no longer work for an institution that is likely to be prosecuted for tax evasion.
The lawsuit against Trump was based on a lawsuit filed by the New York City attorney general. The New York City Attorney’s Office said it had received information in January that the Trump administration was exaggerating the value of its assets. He therefore asked the judge to ask Donald Trump to appear in court as a witness.
Of course, Mr. Trump has denied any wrongdoing in his organization, assessing the case as part of a political effort to discredit him.
The Trump administration is accused of underestimating the value of its assets when presented to tax authorities. This is while the organization has increased the value of the same property when applying for a loan from the banks.
The accounting firm says Trump’s financial statements are unreliable
An accounting firm that prepared the annual financial statements of former US President Donald Trump says documents used to make lucrative loans that show Trump as a wealthy businessman should no longer be used.
The accounting firm’s move comes after the New York Attorney General said those documents repeatedly declared the value of Trump’s assets “wrong.”
In a letter to Trump’s attorney on February 9, the accounting firm US Treasures advised the company to inform those who received the documents not to use them when assessing the financial health of the company and the former president.
The letter came just weeks after New York Attorney General Lettisha James said her office had found evidence that Trump and his company had used “fraudulent or misleading” assessments to obtain loans and tax benefits.
The Manhattan District Attorney’s Office in New York is also conducting another parallel criminal investigation into Trump’s business dealings.
“While we do not conclude that the various financial statements are, in principle, inconsistent in principle, we believe, on the basis of all the circumstances, that we recommend that you do not distrust it,” the letter said. “Financial statements are appropriate.”
The Trump Administration said in a statement that the accounting firm’s letter “confirms that after further review of all previous financial statements, the work (accounting firm) of the mills has been performed in accordance with all accounting standards and principles, and those financial statements have no fundamental discrepancies.” . “This confirmation effectively challenges the investigations of the District Attorney (Manhattan) and the Attorney General (New York).”
The New York prosecutor, a Democrat, has spent more than two years investigating whether the Trump administration misled banks and tax officials. The New York attorney general is examining whether the Trump administration has exaggerated the value of its property in order to obtain favorable loan terms, and whether it has reduced prices to pay lower taxes.