Qualified accountant

Qualified accountant is only a title for those who can pass the professional exam. Most of them dun know how to "window dressing" or "cook" the book. They are not necessarily able to understand every financial statement from different industries.

Given a snap shot of a financial statement, without any information about the industry and the company, it is almost impossible to form any analytical opinion. However, Professor seems enjoy playing with his professional knowledge to confuse LPs.

Any financial statement is business oriented. Different industries have different risk items in their financial statements. For example inventories for manufacturing industry, accounts receivable for trading business, re-valuation reserve for property developers, goodwill for IT industry.... Cashflow is critical for any business.

Different industries also have different valuation methods. Asset backing method is mostly adopted for real estate business. Different industries adopt different P/E as a norm. High P/E for high growth business or industries......

Accounting is a business tool. It is business oriented. "Windor dressing" techniques are highly customized.