PracticeAuditLondon Olympics accounts audit reveals £100m hole

London Olympics accounts audit reveals £100m hole

Forensic accountants from KPMG called in to investigate audit discrepancy

A routine audit of the 2012 London Olympics accounts has revealed a £100m
irregularity.

A team of forensic accountants from KPMG is now investigating the discrepancy
at the London Development Agency, according to
timesonline.co.uk

Two senior members of staff have been suspended despite no evidence being
held against them.

The Olympic Legacy Directorate is at the center of the investigation which is
assessing the failure of a provision for between £60m and £100m as compensation
for the Stratford-based businesses forced to relocate from the Olympic site in
East London.

KPMG is charged with deciphering whether the lack of provision was a genuine
oversight or a deliberate cover-up.

According to an agency spokesman, some ‘additional spending committments’ had
been identified, however, the shortfall could be covered by savings made
elsewhere.

Further Reading:

International
Olympic Committee extends Atos Origin deal

More
fears raised over fire service IT project

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