The Hussle - Carillion's Accounting Tricks Revealed
Carillion's accounting tricks and those who were culpable in allowing them have been revealed. Peer review Royal Liverpool Hospital - Peer review is a check and...
Read Full ArticleAn investigation has begun into the audit of the financial statements of Carillion conducted by KPMG including estimates and recognition of revenue on significant contracts, and accounting for pensions
The Financial Reporting Council (FRC) has decided, following enquiries made since a profit warning in July 2017, to open an investigation under the Audit Enforcement Procedure in relation to KPMG’s audit of the financial statements of Carillion plc.
The investigation will cover the years ended 31 December 2014, 2015 and 2016, and additional audit work carried out during 2017.
The investigation will be conducted by the FRC’s Enforcement Division, and will consider whether the auditor has breached any relevant requirements, in particular the ethical and technical standards for auditors.
Several areas of KPMG’s work will be examined including the audit of the company’s use and disclosure of the going concern basis of accounting, estimates and recognition of revenue on significant contracts, and accounting for pensions.
Accountancy Scheme
The FRC is progressing with urgent enquiries into the conduct of professional accountants within Carillion in connection with the preparation of the financial statements and other financial reporting obligations under the Accountancy Scheme.
An FRC spokesperson said: "The FRC is liaising closely with the Official Receiver, the Financial Conduct Authority, the Insolvency Service and The Pensions Regulator to ensure that there is a joined-up approach to the investigation of all matters arising from the collapse of Carillion."
Article written by Brian Shillibeer | Published 30 January 2018
Carillion's accounting tricks and those who were culpable in allowing them have been revealed. Peer review Royal Liverpool Hospital - Peer review is a check and...
Read Full ArticleThe Financial Reporting Council (FRC) has commenced an investigation into the audit by Grant Thornton of the financial statements of Interserve Plc for the years ended 31...
Read Full ArticleThe Financial Reporting Council has fined KPMG £14.4 million for providing misleading information during an audit of former construction and facilities management...
Read Full ArticleIn addition to the FRC tribunal regarding the 2016 Carillion audit, KPMG is now being sued by the government for £1.3 billion. According to released court...
Read Full ArticleJonathan Holt has apologised for KPMG misleading the Financial Reporting Council during an investigation into the firm’s 2016 audit of the now-defunct FM company,...
Read Full ArticleWorkers seeking compensation following Carillion's collapse have secured a significant legal victory. 263 Unite members are seeking compensation for when...
Read Full ArticleThe collapse of corporate giant Carillion in January 2018 highlights a culture of financial deviance embedded at the heart of the UK construction sector, according...
Read Full ArticleJo Giles, Head of Facilities at Cooper Parry, explains how the removal of their formal reception desk and outsourcing their call handling has changed the dynamic of their...
Read Full ArticleThe government is failing to provide and maintain safe, secure and decent prisons - and some of the blame falls at the decision to outsource to Carillion and...
Read Full ArticleThe Kier Group's shares have been plummeting in a style reminiscent of Carillion and Interserve - and on Monday June 17 things got worse as the construction and FM...
Read Full Article