PracticeAuditAuditor ‘horrified’ at LDA’s affairs

Auditor ‘horrified’ at LDA’s affairs

The head of an audit panel probing LDA’s books says she is ‘horrified’ at what she has found so far

The head of an audit panel probing into the
London Development Agency
(LDA) and Greater London Authority (GLA)’s financial management has admitted she
is ‘somewhat horrified’ by what she has found so far.

The Forensic Audit Panel, which London Mayor Boris Johnson set up following
his election last month, has unveiled a culture of reckless spending and
political interference with few checks and balances, according to its head
Patience Wheatcroft.

She said seven police investigations had already been launched, two of which
had since been dropped, and more referrals to Scotland Yard had not been ruled
out,
The
Press Association
reports.

The investigations all relate to LDA except the seventh which involves the
GLA and its role in Caribbean Showcase, an event partly organised by Lee Jasper,
former mayor Ken Livingstone’s controversial senior aide.

Further reading:

Police make arrest in LDA grant probe

Mayor’s aide falls on his sword

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

1d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter