Mazars USA stated that the Trump Organization’s financial “statement of financial situation from 2011-2020” should not be trusted in a letter sent by Letitia James, New York Attorney General.
According to Mazars USA, a decade worth of financial statements from Trump Organization cannot be considered reliable. This was according to a Monday letter by Letitia James, New York Attorney General. The letter was published as part of her civil investigation into the company.
Mazars stated that it would no longer be working with the Trump Organization. This means that the company might need to obtain new financial statements, which could affect its ability to secure loans.
The auditing firm stated that its work between 2011 and 2020 was “not to be relied on” in a letter sent by William J. Kelly, Mazars Group General Counsel to Alan Garten, Trump Organization Chief Legal Officer.
Kelly sent a Monday letter to James informing that “The Statements of Financial Condition of Donald J. Trump for years ending June 30, 2011, — June 30, 2020 should no longer be relied on and that you should notify any recipients thereof that those documents should be disregarded.”
Kelly stated that “this conclusion was based in part upon the filings made” by James’ office as well as “our own investigation and information received through internal and external sources.”
Kelly stated that “While we are not concluding that the financial statements as a whole contain material discrepancies based on the totality of all the circumstances, we believe our advice for you to not continue to rely upon those financial reports is appropriate.”
On Monday, a representative of Trump Organization could not immediately be reached for comment.
James is currently engaged in an extensive investigation into Trump’s company. He wants to know if Trump accurately represented his financial situation when he sought loans or limited his tax liability.
Mazars claims that the Trump Organization has created a conflict of interest that is “non-waivable” and they are unable to do any more work for the company.
Trump’s former president and reality TV star has to now find new accountants to review all his records. This will make it more difficult to get loans.