AIDB close to Mayflower conclusion

Accountancy’s watchdog, the AIDB has denied recent press reports claiming that it has seriously criticized both PricewaterhouseCoopers and Andersen over their audits of collapsed bus-maker, Mayflower.

The company, which counted former prime minister John Major as a one-time non-executive director, collapsed amid a raft of accounting issues in 2003. The AIDB took on the investigation of the auditors and former finance director David Thomas Donnelly as its first case last year.

Cameron Scott, executive counsel of the AIDB, said it was close to wrapping up the investigation and the next stage would be to seek comments from interested parties. ‘We will shortly be reporting on our findings,’ he said.

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