Hadrill rejects accusation from MP that FRC has been "useless" over Carillion. Says "We don't have the ability to look inside the business...more than what is evident from what they publish"
— Simon Gompertz (@gompertz) January 30, 2018
Showing posts with label frc. Show all posts
Showing posts with label frc. Show all posts
Tuesday, January 30, 2018
FRC Believes It Did a Bang Up Job Re Carillion
Wednesday, November 02, 2016
Co-op Bank’s Former CFO and CEO Fined
As per AccountingWeb, the former chief financial officer of the Co-op Bank has admitted
misconduct in a settlement with the FRC the accounting regulator, and agreed to a
fine and exclusion from his accountancy body.
Barry Tootell, Co-op bank’s former CFO and CEO, admitted the wrongdoing as part of a settlement
with the Financial Reporting Council (FRC), and agreed to exclusion
from membership of any accountancy body for six years and a £20,000
payment towards the FRC’s legal fees.
Thursday, September 25, 2014
The Tesco Clusterfuck
On Tuesday I asked:
To rub salt into the wounds, it seems that Tesco have been "winging it" without a Finance Director since April; as its outgoing finance director Laurie McIlwee had “has not been involved or had any input to any financial matters” since he resigned on April 4.
This appears to be but the tip of a very large iceberg.
"Given that the auditors warned about this in May, does this mean that the previous year's profits were overstated?"It seems that I am not the only one who thinks this. The Telegraph reports that the Financial Reporting Council is “monitoring the situation” and could force Tesco to restate past accounts.
To rub salt into the wounds, it seems that Tesco have been "winging it" without a Finance Director since April; as its outgoing finance director Laurie McIlwee had “has not been involved or had any input to any financial matters” since he resigned on April 4.
This appears to be but the tip of a very large iceberg.
Friday, January 03, 2014
Ernst & Young Fined Over £1M Re Farepak Audit
Accounting Web reports that the Financial Reporting Council (FRC) has ordered Ernst & Young to pay more than £1M in fines and costs wrt its audit of failed Christmas savings company Farepak.
EY was fined £750,000 and told it had to pay costs of £425,000, while auditor Alan Flitcroft, who worked for EY and was responsible for signing off the audit, was fined £50,000.
Both the firm and Flitcroft were also formally reprimanded by the FRC after admitting their audit of Farepak and parent company European Home Retail (EHR) fell below the expected standard.
The FRC ruled EY and Flitcroft failed to perform adequate procedures to assess all material subsequent events between July 2005 and February 2006.
EY has since said it regrets that aspects of its 2005 audit fell beneath standards, but stressed the regulator did not suggest its conduct triggered Farepak's collapse, or losses to savers.
Farepak collapsed into administration seven years ago, leaving 114,000 people with total losses of £37M.
EY was fined £750,000 and told it had to pay costs of £425,000, while auditor Alan Flitcroft, who worked for EY and was responsible for signing off the audit, was fined £50,000.
Both the firm and Flitcroft were also formally reprimanded by the FRC after admitting their audit of Farepak and parent company European Home Retail (EHR) fell below the expected standard.
The FRC ruled EY and Flitcroft failed to perform adequate procedures to assess all material subsequent events between July 2005 and February 2006.
EY has since said it regrets that aspects of its 2005 audit fell beneath standards, but stressed the regulator did not suggest its conduct triggered Farepak's collapse, or losses to savers.
Farepak collapsed into administration seven years ago, leaving 114,000 people with total losses of £37M.
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