Wiggins FD faces disciplinary action
The finance director and auditor of Wiggins could face disciplinary action after the UK's financial reporting watchdog forced the leisure and construction group to chop £35m from its 2000 profits.
The finance director and auditor of Wiggins could face disciplinary action after the UK's financial reporting watchdog forced the leisure and construction group to chop £35m from its 2000 profits.
CIMA said it was looking at the performance of its member Geoffrey Lansbury, Wiggins FD since 1987. HLB Kidsons, the company’s auditor, could face action from the ICAEW, which is looking at the Financial Reporting Review Panel’s findings.
Wiggins was forced to restate it accounts by millions for the last five years, turning each to a loss. Its £25.1m profits for the year 31 March 2000, became a £9.9m loss.
Panel chairman Richard Sykes QC said: ‘Investors and all those with an interest in a company must be able to rely on its published accounts. This has not been the case as far as the accounts of Wiggins Group are concerned because of the scale of the errors over a considerable period.’
Lansbury said: ‘We are pleased to note that the panel has concluded its inquiries,’ but declined to elaborate.
The inquiry focused on the treatment of development costs and revenue recognition on the sale of properties.
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Wiggins forced to restate accounts