English ICA fines Coopers
Coopers & Lybrand has been hit with a £1,000 fine and reprimanded by the English ICA for giving a clean audit report to a leading industrial group when £7.5m of losses were wrongly placed on its profit-and-loss account.
Coopers & Lybrand has been hit with a £1,000 fine and reprimanded by the English ICA for giving a clean audit report to a leading industrial group when £7.5m of losses were wrongly placed on its profit-and-loss account.
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.’
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article