|
|
15 Sep 2008
KPMG resigned in 2006 as auditor of the collapsed travel company XL Leisure, after forewarning its board it had ignored ‘potential accounting irregularities’and was replaced by and was replaced by BDO Stoy Hayward.
The Sunday Times reports KMPG said in a strongly worded resignation letter the company had ‘not satisfactorily addressed the concerns we had raised about other arrangements and potential accounting irregularities in the financial statements’.
KPMG resigned after staff at XL held up the payment of invoices to airline catering company Alpha Airports. The delay inflated XL’s figures leading up to the listing of its then parent company Avion on the Icelandic stock exchange.
The discovery triggered the departures of Alpha’s chairman, chief executive and finance director, as well as the departure of Steve Tomlinson, XL chief operating officer, and Paul Robinson, chief financial officer.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment