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.
Links
Wiggins forced to restate accounts
The numbers you crunch tell a story. Your expertis...
24yEmbracing 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 articleArtificial intelligence is no longer a futuristic concept but a present-day reality. As a result, the UK government is taking proactive steps to ensur...
View articleThe UK’s Pensions Regulator (TPR) has unveiled updated guidance for superfunds, introducing pivotal changes that accountants and financial plann...
View articleSue Perkins knows more than XBRL than expected. Xero’s CEO likes to get at least 80g of protein a day, which is hard since she’s a vegetar...
View articleDo your clients see you as an expense? In fact, do you see yourself as an expense to your clients? This shift requires a fundamental change in how acc...
View articleNearly eight in ten brokers (77%) believe that high street banks are scaling back their willingness to fund small and medium-sized businesses, accordi...
View articlePharma and life sciences companies should act now to prevent impact on drug production capabilities and business viability Read More...
View article476,000 UK SMEs will need an ESG plan in the next few years. Is your firm ready to support them? Read More...
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 article