Two KPMG accountants have been fined £2,000 by an ICAEW tribunal for their role in failed dotcom business Boo.com, and ordered to pay £40,000 each in costs towards the investigation committee.
Philip Wallace and Michael McLoughlin served as liquidators at the business, but KPMG had earlier provided the company with a CFO.
The tribunal found these actions to be a conflict of interest.
KPMG said that it disagreed with the verdict but was not appealing for 'practical reasons'.
'Limited amounts of reasoning and information were made by the tribunal,' said a spokesman. 'There wasn't any evidence the work was compromised.'
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.