BusinessCompany NewsAccounting issues halt Carter & Carter prelims

Accounting issues halt Carter & Carter prelims

Troubled firm unable to publish its yearly figures as shockwaves from accounting woes continue to batter company

Troubled training firm Carter & Carter has had to postpone the release of
its preliminary results in light of crippling accounting issues.

A two-month probe by PwC has revealed that some of the government training
course provider’s apprentice learner records did not match up to funding claims
made to the Learning and Skills Council.

Also, falsified learner record documents had been submitted by the company’s
North East skills arm, which is to be closed down.

Carter and Carter said: ‘A full review of the company’s financial and
reporting procedures is being undertaken to confirm that the full extent of
these issues is understood and to ensure that no such errors occur in the
future.’

In October, Carter & Carter was unable to assess its position because of
the problems relating to the ‘accuracy of certain revenue streams’.

Since that time, its auditor PwC has been conducting a probe of the
vocational training providers’ books. A Carter & Carter spokeswoman had
previously confirmed to Accountancy Age that early recognition of
contracts would be high on the firm’s agenda.

The company has been battered by ill fortune in recent months. Chief
executive and founder Phillip Carter died in a helicopter crash in May. John
Green had to step down in October as trading of the group’s shares was suspended
in light of its problems.

The embattled company added that it will only be releasing its figures for
the year ended 31 July 2007 after the review has been concluded. Trading in the
company’s AIM shares remains suspended.

Further reading:

PwC
to examine accounts at Carter & Carter

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