Watchdog launches Baker Tilly probe
Accountancy and Actuarial Discipline Board opens investigation into Baker Tilly over its audit of electric van maker Tanfield
THE DISCIPLINARY BODY for accountants has opened an investigation into Baker Tilly over the audits of Tanfield Group, the makers of electric vans used by delivery group TNT.
A statement from the Accountancy and Actuarial Discipline Board (AADB) said the investigation would cover: “The conduct of members and member firms in relation to the preparation, approval and audit of the financial statements of Tanfield Group plc for the years ended 31 December 2007 and 2008.”
Baker Tilly issued a statement saying: “We are aware of this investigation of historical issues, relating to impairment provisions in past sets of accounts, and we have supplied all the information that has been requested from us.”
The AADB probe will look at the preparation and audit of Tanfield’s 2007 financial statements. Specifically, it will examine the valuation of assets and whether impairment provisions made in 2008 should have been noted the previous year. The AADB makes clear that statements for 2009 are not within the scope of the investigation.
The 2008 statement reveals that Tanfield made a loss after impairment of £88.5m.
Financials from 2007 show a net profit of £10.3m.