Deloitte & Touche discovered the errors in the last three years of the PricewaterhouseCoopers-audited accounts.
In a statement, Future – which publishes new economy magazine Business 2.0 and a number of IT titles – said it had retained Deloittes ‘to investigate an accounting irregularity identified by Future France SA, the group’s French subsidiary’.
CEO Greg Ingham said the first priority would be to ascertain the extent of the problem and then apportion the overstated revenues to the accounts of the years in question.
Future’s share price yesterday fell by more than 23% in response to the announcement.
The news will also embarrass PwC who had approved the results in question and because Deloittes has been asked to check all other parts of the business to assess the situation properly.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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.