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