PracticeConsultingWiggins FD faces disciplinary action

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.

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

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer