KPMG has also brought to the attention of the IT services group’s audit committee certain issues concerning its quarterly bonus plan accruals in 2003 and 2004.
The outcome could result in revisions to quarterly financial statements of 2003, but EDS said it ‘does not believe these issues will affect its reported financial results for that full year’.
The company was due to report third-quarter earnings on 25 October. Independent counsel and accounting advisers are assisting the audit committee in its investigation of the company-wide bonus scheme. The company said it did not expect a ‘material adverse effect on its financial results or its credit facilities or debt instruments’.
KPMG will not be able to complete its interim review of EDS’ financial statements for the quarter ended 30 September 30, until the audit committee concludes its inquiry.
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.