Week in review: 10 – 14 Feb

On Monday First Division football club Ipswich Town became the latest victim of the growing financial crisis in the game when it announced that it had ‘reluctantly’ filed for administration at the High Court and called in administrators Nick Dargan and Nick Edwards from Deloitte & Touche.

Also on the day, beleaguered accountancy consolidator Tenon suffered another setback as it announced the surprise resignation of its chairman Eric Stobart. More bad news was to follow the next day.

Tuesday was a black day for Tenon as Ian Buckley, chief executive, resigned from the embattled consolidator with immediate effect, the company announced as it warned of imminent losses.

In London, the Metropolitan police moved to recruit more accountants to be plain clothes fraud and financial crime investigators as part of a new squad of expert special constables.

Wednesday saw the Inland Revenue on the receiving end of a damning Treasury Select Committee report which described its chairman, Sir Nick Montagu, as being ‘complacent’ in his handling of the controversial Mapelely Steps PFI deal.

And a new survey revealed shocking statistics that show American companies are wholly unprepared for the adoption of international accounting standards in 2005.

On Thursday, our parliamentary staff exclusively revealed that the prime minister is to face questions in the House of Commons demanding that UK security services disclose more information in their accounts after they were qualified by the National Audit Office.

After winning its court case, Ernst & Young said it would launch a claim to recover the huge costs incurred as a result of the failed attempt by former audit client Equitable Life to claim damages from the firm.

Friday brought some better news for the football profession, after Leicester City football club was saved from insolvency after being sold by Deloitte & Touch to the Lineker Consortium.

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