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  "documentTitle": "Eurofins Scientific SE (ERF)",
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  "notes": "The slide uses qualitative testimony to challenge the integrity of Eurofins' internal controls and financial reporting.",
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      "text": "Eurofins' internal audit function, which is based in Poland, leaves much to be desired.",
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      "text": "Were Eurofins not, in our view, being optimized for malfeasance, it appears to have been amply capable of instituting controls more befitting a CAC 40 company.",
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      "text": "When we described to one former senior employee one of his former entities' (since wound up) expense accounts on income statement from his time managing it, he said that he didn't recognize the gross margin Eurofins had reported for this unit.",
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      "text": "We didn't get much exposure to internal audit... I don't seem to recall any instances where, you know, there was a specific internal auditor engagement...",
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      "text": "I'd never worked with them. Actually, they would have a team of, I think back in my day, two people sitting in that are logging Federal Audit, the two people sitting in Poland... but we didn't have much involvement.",
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      "text": "I didn't have too many interactions with them. And how should I say, I mean, they are not like the, you would expect the internal audit team to be a bit independent, right?",
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      "text": "\"We didn't get much exposure to internal audit... I don't seem to recall any instances where, you know, there was a specific internal auditor engagement...\" — Source D. \"I didn't have too many interactions with them. And how should I say, I mean, they are not like the, you would expect the internal audit team to be a bit independent, right? And have some strength in auditing various businesses, etc. And my view was not that they were very independent and strong...\" — Source G. \"I'd never worked with them. Actually, they would have a team of, I think back in my day, two people sitting in that are logging Federal Audit, the two people sitting in Poland... but we didn't have much involvement.\" — Source C.",
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      "text": "36 Conversation with Source D. 37 Conversation with Source G. 38 Conversation with Source C.",
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