American International Group has admitted that erroneous accounting is expected to reduce its book value by £890m, approximately 2% of shareholders funds.
The insurer is already facing investigations from SEC, New York state attorney general Eliot Spitzer and the justice department about possible accounting irregularities.
William Wilt, an analyst with Morgan Stanley, told the Financial Times that the ‘depth and breadth of troubles and apparent lack of accounting controls’ was ‘alarming’.
AIG said that an internal review had revealed that certain transaction documentation was ‘improper’ and that as there was a ‘lack of evidence of risk transfer’ the transactions should not have been recorded as insurance.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016