PracticeAuditErrors uncovered at Safran unit after audit

Errors uncovered at Safran unit after audit

Investigation by KPMG and Ernst & Young reveals calculation errors

An investigation into accounting irregularities by
KPMG and
Ernst & Young
has found evidence of ‘deliberate’ non-compliance with accounting standards at
Safran‘s defence and security
business.

In a statement, Safran said the investigation revealed calculation errors and
inaccurate assessments of the profitability of certain contracts.

The audit had also concluded that, in certain cases, there had been a
deliberate flouting of current accounting rules, while Safran accounting
procedures had not been followed.

The report though cleared Safran corporate management, and the company said
steps were being taken to tighten internal controls.

Further reading:

KPMG to investigate £67m fraud allegations at Safran

Related Articles

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

2w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

4w Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

4w Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter