Baker Tilly quits as Safeland auditor over conflict of interest
Two weeks after the discovery of fraudulent transactions at Safeland, Baker Tilly quits as auditor over conflict of interest
Two weeks after the discovery of fraudulent transactions at Safeland, Baker Tilly quits as auditor over conflict of interest
BAKER TILLY has resigned as auditor of listed property developers Safeland after an “unmanageable conflict of interest” arose.
Within a Safeland statement to the stock exchange, the firm said: “The reason for the cessation of audit appointment was that following the identification by the directors of an alleged defalcation, an unmanageable conflict of interest has arisen, which has led to our resignation.”
Two weeks ago, Safeland found it had suffered a series of fraudulent transactions, to the tune of £1.25m. Approximately £740,000 relates to the accounting period prior to 31 March 2012. It has already recovered £200,000 and “arrangements are in place” to recover a further £500,000 by the end of the current financial year.
The Chambers Dictionary describes ‘defalcation’ as: “a misappropriation of funds entrusted to someone”.
Baker Tilly said “it was inapropriate to comment” further on the stock exchange statement.
Safeland managing director Larry Lipman is currently on holiday and cannot be contacted for comment, according to a representative of the company.
It is not known who will replace Baker Tilly as auditor.
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWhile the responsibility of auditors is often misinterpreted, the capabilities of the profession must still improve, according to market participants ...
View articleInvestigations into accounting fraud at Goals has involved HMRC, the FCA, BDO, RSM, Deloitte and could see KPMG on the wrong end of legal action, acco...
View articleRoger Isaacs - Forensic Partner at Milsted Langdon - talks about the Patisserie Valerie collapse and what its impact has been and the role of forensic...
View articleA summary of the cases of financial scandals, accounting fraud and corporate fraud which capitivated us last year and their implications Read More...
View articleAfter being on the brink of complete collapse, Patisserie Valerie and 2,000 of its jobs has been saved Read More...
View articleOver 920 people who were made redundant due to store closures will not be paid this month Read More...
View articleThe Financial Reporting Council has announced the closure of an investigation into PwC’s auditing and accounting of Tesco Read More...
View articleAudit services generated £113,000 for Baker Tilly in 2015 Read More...
View article