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03 Sep 2008
Oil and gas services company Hamworthy has fired the finance director of its inert gas division following the discovery of accounting errors related to inventory value.
An overstatement in inventories and related balance sheet accounts of £4.6m was unearthed following an internal investigation by Big Four firm Ernst & Young with the accounts to 31 March this year needing a readjustment of around £1m. the rest of the figure relates to financial years 2005 to 2007.
The company, which provides specialist equipment and services to offshore and onshore oil and gas markets, said that the error was an isolated incident, the FD of the division had been ‘relieved of his duties’ and the board has taken ‘immediate action to improve processes, strengthen internal controls and management within the inert gas systems business to prevent any recurrence’.
An acting finance director for the division has been appointed while a permanent replacement is being recruited.
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