The error meant the 1997 accounts of Stratagem Group plc showed profit before interest of over £4.7m, rather than a loss of more than £2.8m.
In a rare disciplinary action against a big firm, the institute found Coopers, now part of PricewaterhouseCoopers, had signed off Stratagem’s accounts as giving a true and fair view and being properly prepared in accordance with the Companies Act ‘when this was not the case’.
The Financial Reporting Review Panel last year forced the company to move the ‘exceptional item’ losses above interest on the p&l in line with FRS3. Stratagem FD Sheridan Swallow said: ‘We believed at the time we were right.’
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel