PracticeAuditAuditors investigate hole at drinks company

Auditors investigate hole at drinks company

Deloitte & Touche has been called in to investigate a massive hole in the accounts at HP Bulmer, the cider producer.

Link: Cider house’s new rules

Bulmer brought in the firm, its current auditor, following the discovery of £3.3m in previously unaccounted expenses, understood to relate to promotional costs.

The news follows a shake-up in the company’s senior management team and a disappointing performance in the UK take-home business last year.

In a statement, the comapny said: ‘We are carrying out additional detailed work with our auditors to confirm this estimate and expect to report by the end of September.’

Bulmer, which produces Strongbow and Scrumpy Jack, had previously been audited by Andersen, but switched to Deloitte when the two firms merged last month.

There has been no suggestion the hole resulted from an auditing error.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

2d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

7d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter