Torex auditors queried accounts before interims

Torex auditors queried accounts before interims

BDO Stoy Hayward wrote to the head of Torex's audit committee with questions about cash payments

Torex’s auditors, BDO Stoy Hayward, queried the troubled company’s accounting
a few days after the group’s interim results last August.

The firm wrote to Torex’s audit committee chairman to question two cash
payments received by the company,
the
FT reports
this morning.

The letter, which ran to three pages, asked for explanations of the
accounting treatment of the payments, adding that BDO was ‘continuing to give
due consideration to our position as group auditors’.

BDO remains auditor to
Torex and is understood to have
received written assurances on the accounting issues raised.

The firm did not comment to the FT.

Further reading:

Torex
chief exec: ‘I blew whistle’

Three
people in Torex raid named

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

2y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

2y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

2y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

2y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource