PracticeAuditAIDB to investigate Farepak collapse

AIDB to investigate Farepak collapse

Accountancy Investigation and Disciplinary Board will look into the collapse of the Christmas hamper business, Cameron Scott announces

aidb

The industry disciplinary body has decided to launch an investigation into
the conduct of individuals involved in the events leading up to the collapse
last year of European Home Retail and Farepak
Food & Gifts
.

The Accountancy
Investigation and Disciplinary Board
took the decision to begin the
investigation following a consultation with the Institute of Chartered
Accountants of England & Wales as well as the Chartered Institute of
Management Accountants.

The AIDB announced today that it will investigate the conduct of members of
accountancy bodies involved in preparing Farepak’s accounts for the fiscal year
ending 30 April 2005.

The announcement did not say which parties would be specifically
investigated. Farepak was audited by Ernst & Young but its office-holders
with accountancy qualifications could also be looked at by the body.

An E&Y spokesman said: ‘Ernst & Young can confirm that neither the
firm nor members of the firm have had any communication from the AIDB on this
matter.’

The AIDB will also look into the conduct of individuals in relation to
circumstances lading up to the collapse of
European Home Retail Plc.

Further reading:

Xmas savers’ funds ringfenced after Farepak
collapse

BDO and DTI to investigate Farepak collapse

Farepak loans ‘nothing to do with audit’

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