Accountancy’s disciplinary body has admitted that it is monitoring the situation at Rover ‘with interest’ and could become involved, depending on the outcome of the current investigation.
If an inquiry by the AIDB was to take place, however, it is likely only to focus on the role of the company’s auditor, Deloitte, as none of the directors are currently affiliated to an accounting body. No evidence has emerged of any wrongdoing.
John Millett, finance director of MG Rover Group, is not an accountant, while Peter Beale, one of the so-called Phoenix Four which took control of the stricken car group in 2000, left the ICAEW in 1994. The ICAEW said his departure was not due to a disciplinary matter.
As an investigation by the FRRP gets into full swing, AIDB executive counsel Cameron Scott said he would ‘monitor the situation with interest’. He said an investigation was ‘possible’ but only if ‘misconduct has occurred’.
A spokesman for MG Rover refused to comment on speculation and said that the company was sure there is no ‘gap in the accounts’. Deloitte said it was ‘satisfied with the opinion given in the financial statements’.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.