PracticeAuditCambrian review follows £50m hit

Cambrian review follows £50m hit

Cambrian Mining has reviewed its financial controls, following the problems that this week saw it forced to knock £50m off its stated operating profit for 2006

The Financial Reporting Review Panel forced the company to reissue numbers
this week. The issues related to IFRS accounting for operations, including
acquisitions and the classification of profit on the sale of associates,
subsidiaries and other investments. Profits after tax stayed steady.

The problems have resulted in the departure of auditors Chapman Davis,
replaced by Deloitte. Finance director Vivian Silverman has been appointed to
keep the company on track to report financials for 2006/07 and announce the
outcome of a strategic review.

Cambrian has
conducted a thorough review of its financial reporting, with assistance from
Deloitte.

Silverman said: ‘Chapman Davis was a small firm with the size and complexity
of this company. One of the Big Four was more of an appropriate hit. We’ve now
got one of the strongest finance functions I’ve seen in a while.’

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