FD goes after £1m errors
The finance director of a subsidiary of chemical manufacturer Amberley has left his job after the discovery of accounting irregularities estimated to be as much as £1m, reports Accountancy Age.
Metacol FD, Kevin Wulder, a CIMA member, left at the end of March after group directors launched an internal investigation that uncovered inflated accounts running back for over two years. The departure was only revealed this week.
Directors at the Hull-based subsidiary spotted the irregularities in January. The errors led to an overstatement of the carrying value of stock by £560,000 together with £30,000 in other assets, which distorted the accounts gross margins.
Last week Amberley released final results for the group with pre-tax profits cut by £590,000 as well as a restatement of the previous year accounts. Chairman Philip Kanas added: ‘The total figure over the two years is nearer £1m.’
An Amberley statement said: ‘The finance director at Metacol has since been dismissed and steps have been taken to reinforce internal control at this subsidiary.’