If you thought that nothing could be worse than yesterday example, let me tell you something.

Again, the UK.

NMC Health was a FTSE 100 company.

It operated hundreds of healthcare facilities across the Middle East.

It was worth billions.

And every year, EY audited its accounts.

Seven years.

Seven unqualified audit opinions.

Around £14 million in audit fees.

Everything appeared fine.

Until 17 December 2019.

That day, a small research firm called Muddy Waters published a report.

It questioned NMC’s cash.

Its debt.

Its capital expenditure.

Its acquisitions.

Its related-party transactions.

And its remarkably good margins.

The little guys had just public information.

Experience.

And an “ole your eggs” to say: These numbers do not make sense.

Of course, NMC called the allegations baseless.

Four months later, the company was in administration.

This case is not unique.

The UK Financial Conduct Authority indicated that they had around US$4 billion of debt walking around like a zoombie.

Four b.

Not a rounding error.

EY has denied negligence and said it was also deceived by a sophisticated fraud.

Fair enough.

But this sounds to me like the project director of a PPP telling me that they were not delayed when pointing to the cash flow, I told them that they were not burning enough cash…

Anyway… my point.

Size is not judgement.

Process is not curiosity.

And a recognisable logo is not evidence that the right person is looking at the right problem.

Large advisory firms employ brilliant people.

Unfortunately, the brilliant person is often in the pitch, not at the tools.

At Vilentia, the senior person you meet is the senior person doing the work.

Just that.

Not theory.

Not theatre.

Real judgement.

If your PPP or infrastructure project needs that, you already know where to click.

Use this information at your own risk.

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