Financial reporting watchdog FRRP has told paper business Inveresk to alter
its accounting practices following an audit qualification.
The FRRP found that Inveresk had incorrectly accounted for a transaction it
had undertaken after its 31 December 2004 year end, but was accounted for in the
year under review, which had led to an audit qualification by KPMG.
The watchdog said the deal did not comply with SSAP17 on post balance sheet
Inveresk directors accepted the findings and corrected its figures, leading
to a £417,000 loss compared with a £184,000 profit.
In its 2004 results statement, the paper business had stated that it
‘strongly believes’ the inclusion of the sale in its accounts portrayed
‘clearly’ what had happened ‘in reality’.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
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