PracticeAuditAhold discovers new £50m hole in its accounts

Ahold discovers new £50m hole in its accounts

Under-fire Dutch supermarket chain Ahold has revealed yet another large hole in its accounts, this time worth €73m (£50m) as the company looks to put months of financial scandal behind it.

Link: Ahold gets US accounts in on time

Internal investigations at Ahold revealed another €73m missing from the books in what was termed ‘intentional irregularities’ by the company, thought to relate to the allocation of goodwill and assets from acquisitions.

The new figure brings the total of accounting irregularities discovered by the firm to almost €1bn.

The company has now set up a task force of board members and advisers to identify and reform accounting and internal control weaknesses.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

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

1w 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

1w 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