PracticeAuditConcerns over XKO’s accounts

Concerns over XKO's accounts

Financial monitor Company Reporting has raised concerns over the earnings per share calculation at software group XKO.

In its new whistleblowers’ corner, Company Reporting said in both XKO’s annual and interim financial statements, the number of diluted shares used in the eps calculation was less than the average number of shares the company had during the year.

Material errors by XKO and its auditor Deloitte & Touche mean that the eps figure was not calculated in accordance with FRS 14, according to Company Reporting.

Under FRS 14 these shares are anti-dilutive and should not have been included in any eps calculation, said the financial monitor.

Deloitte & Touche would not comment.

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