RegulationAccounting StandardsGT ploughs through NFU offshoot’s accounts

GT ploughs through NFU offshoot's accounts

A review of accounting procedures and internal audit processes has begun at Associa

It wasn’t just animals feeling the heat this week as temperatures soared.
Forensic accountants are looking into irregularities at Associa, the commercial
arm of the National Farmers’ Union.

Sources familiar with the issues said a £1m profits overstatement had been
discovered. Auditors Grant Thornton are thought to have found the problem as
they prepared to audit the accounts of Associa. The firm is looking into the
details behind the irregularities, which could stretch back as far as 2002/03
accounts.

NFU director general Richard Macdonald, who has also served as chairman of
Associa, said he took the situation ‘very seriously’, but stressed he was
confident the business was still profitable.

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