PracticeAuditInveresk accounts qualified by auditors

Inveresk accounts qualified by auditors

Forestry and paper company Inveresk has had its accounts qualified after disagreeing with auditors KPMG over a reservoir sale.

Inveresk, the forestry and paper company, has had its accounts qualified by its auditors KPMG after a disagreement regarding the sale of a reservoir in Fife.

Link: National Insurance Fund accounts qualified

According to the auditors, the sale of the Borelands Reservoir did not take place until 2005 and should not have been reflected in the 2004 financial statements.

In a results statement, however, the company said it ‘strongly believes that inclusion of this sale in the 2004 accounts portrays clearly to shareholders very much what happened in reality’.

If the sale had not been recognised in 2004, Inveresk’s profit of £184,000 for 2004 would have changed to a loss of £417,000. The company said this ‘would have been misleading to shareholders’.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

5d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor