A KPMG study into the collapse of the Northern Ireland Events Company (NIEC)
discovered the government body received a double payment from the government by
mistake before it folded, owing more than ?1.5m.
Shortly before it collapsed in April 2007, NIEC received two payments of
£317,842 in error, involving the Department
of Culture, Arts and Leisure (DCAL), who funded the NIEC, and the Department
of Education which processed payments, BBC News reports.
Although NIEC was already in financial difficulty at the time, DCAL agreed
the company could keep the extra payment against future spending and only a
month later, NIEC asked DCAL for further payments totalling £180,000.
The KPMG investigation into the double payment criticised NIEC’s board of
directors and DCAL alike for failing to properly monitor the government body.
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Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution