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21 Feb 2008
The Financial Reporting Review Panel forced the company to reissue numbers this week. The issues related to IFRS accounting for operations, including acquisitions and the classification of profit on the sale of associates, subsidiaries and other investments. Profits after tax stayed steady.
The problems have resulted in the departure of auditors Chapman Davis, replaced by Deloitte. Finance director Vivian Silverman has been appointed to keep the company on track to report financials for 2006/07 and announce the outcome of a strategic review.
Cambrian has conducted a thorough review of its financial reporting, with assistance from Deloitte.
Silverman said: ‘Chapman Davis was a small firm with the size and complexity of this company. One of the Big Four was more of an appropriate hit. We’ve now got one of the strongest finance functions I’ve seen in a while.’
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Briefings
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