The directors reissued the accounts on 8 March 2001 following an agreement with the regulator the Financial Reporting Review Panel in December.
Chairman of the panel, Richard Sykes QC, said: ‘Investors and all those with an interest in a company must be able to rely on its published accounts. Unfortunately, this has not been the case as far as the accounts of Wiggins Group plc are concerned because of the scale of the errors over a considerable period.’
In March 2000, the panel launched an initial inquiry into the company 1999 accounts, which was later extended to include year-end accounts from 1996 to 2000. The directors also decided to restate accounts for year-end March 1995.
Due to initial reticence from company directors, the panel was to apply for a court ruling to force the company to restate its accounts. This is the highest penalty the regulator has.
But as a result of the directors’ decision, the panel decided that an application to the court was unnecessary, according to a panel statement.
The inquiry focused on the company’s accounting treatment of costs incurred in connection with PlaneStation project, a large-scale airport network operation, and revenue recognition in respect of the sales of certain commercial properties.
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