CSL, the outsourcing arm of Deloitte & Touche, has been heavily criticised by a powerful parliamentary body for its work with a government body which saw a ‘breakdown of financial controls’.
The report concludes CSL failed to perform ‘timely and complete’ bank reconciliations and produced inaccurate accounting records for debtors and cash while handling the central finance functions of the Public Health Laboratory Service Board. The National Audit Office also said CSL had ‘poor controls’.
The criticism will come as a blow to the £107m turnover CSL which is planning a flotation next spring. As a result, CSL had to cut its charges to the Board by £116,000 in 1998/99 and make further reductions of £88,000 for 1999/2000. The Board had to pay an additional £620,000 in consultancy fees to help rectify problems.
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Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel