|
|
Post by ginnyg on Jun 30, 2023 13:10:15 GMT
www.msn.com/en-gb/money/other/ex-kpmg-partner-nicola-quayle-fined-again-serious-failings-found-in-eddie-stobart-s-accounts/ar-AA1ddTKs?ocid=msedgdhp&pc=U531&cvid=70f7d8073aad49a5bc326a9390f9c709&ei=22A hapless accountant branded 'Britain's worst auditor' has been hit with yet another fine following a probe into the books of haulage group Eddie Stobart. Nicola Quayle, who led the Manchester office of 'Big Four' audit firm KPMG for two years until December 2019, has been ordered to pay £45,500 by the Financial Reporting Council (FRC). This was discounted from £70,000 as a result of 'admissions and early disposal'. The regulator highlighted her seniority at the time of the audit and 'past disciplinary record' as aggravating factors. KPMG was issued with a penalty of £877,500, discounted from £1.35million, after it admitted 'serious failings' in its audit of the 2017 accounts of Eddie Stobart. www.theguardian.com/business/2023/mar/08/pwc-fined-for-babcock-audit-failings-including-faking-evidence. The consultancy group PwC has been hit with a £7.5m fine over a string of serious breaches while auditing the engineering company Babcock’s accounts, including creating a false record of documents reviewed for a sensitive government contract. The accounting regulator, the Financial Reporting Council, said breaches were found in “every area” it had investigated in relation to the audit of Babcock’s accounts for 2017 and 2018, with PwC repeatedly failing to either challenge management, gather sufficient evidence to confirm financial statements, or follow basic audit requirements. The FRC said it signalled a “lack of competence, care or diligence” by PwC, and raised particular concern given that most of Babcock’s business comes from highly sensitive UK government contracts, including with the Ministry of Defence. In one case, there was no evidence that PwC’s audit team had reviewed a 30-year-contract worth up to £3bn, and in another, the team had failed to scrutinise a €640m (£570m) contract written entirely in French. None of the team spoke French, and there was no evidence PwC tried to translate the documents to confirm the terms of the deal. The big accounting firms are a disgrace. Their failure to discover discrepancies in company accounts beggars belief.
|
|
|
|
Post by jonksy on Jun 30, 2023 13:13:13 GMT
www.msn.com/en-gb/money/other/ex-kpmg-partner-nicola-quayle-fined-again-serious-failings-found-in-eddie-stobart-s-accounts/ar-AA1ddTKs?ocid=msedgdhp&pc=U531&cvid=70f7d8073aad49a5bc326a9390f9c709&ei=22A hapless accountant branded 'Britain's worst auditor' has been hit with yet another fine following a probe into the books of haulage group Eddie Stobart. Nicola Quayle, who led the Manchester office of 'Big Four' audit firm KPMG for two years until December 2019, has been ordered to pay £45,500 by the Financial Reporting Council (FRC). This was discounted from £70,000 as a result of 'admissions and early disposal'. The regulator highlighted her seniority at the time of the audit and 'past disciplinary record' as aggravating factors. KPMG was issued with a penalty of £877,500, discounted from £1.35million, after it admitted 'serious failings' in its audit of the 2017 accounts of Eddie Stobart. www.theguardian.com/business/2023/mar/08/pwc-fined-for-babcock-audit-failings-including-faking-evidence. The consultancy group PwC has been hit with a £7.5m fine over a string of serious breaches while auditing the engineering company Babcock’s accounts, including creating a false record of documents reviewed for a sensitive government contract. The accounting regulator, the Financial Reporting Council, said breaches were found in “every area” it had investigated in relation to the audit of Babcock’s accounts for 2017 and 2018, with PwC repeatedly failing to either challenge management, gather sufficient evidence to confirm financial statements, or follow basic audit requirements. The FRC said it signalled a “lack of competence, care or diligence” by PwC, and raised particular concern given that most of Babcock’s business comes from highly sensitive UK government contracts, including with the Ministry of Defence. In one case, there was no evidence that PwC’s audit team had reviewed a 30-year-contract worth up to £3bn, and in another, the team had failed to scrutinise a €640m (£570m) contract written entirely in French. None of the team spoke French, and there was no evidence PwC tried to translate the documents to confirm the terms of the deal. The big accounting firms are a disgrace. Their failure to discover discrepancies in company accounts beggars belief. You want to see the cover up for Stobart aviation Ginny and Virgin air. |
|
|
|
Post by ginnyg on Jun 30, 2023 13:27:16 GMT
Indeed. And who can forget PwC's scandalous sign off on BHS.
|
|
|
|
Post by Einhorn on Jun 30, 2023 14:13:35 GMT
www.msn.com/en-gb/money/other/ex-kpmg-partner-nicola-quayle-fined-again-serious-failings-found-in-eddie-stobart-s-accounts/ar-AA1ddTKs?ocid=msedgdhp&pc=U531&cvid=70f7d8073aad49a5bc326a9390f9c709&ei=22A hapless accountant branded 'Britain's worst auditor' has been hit with yet another fine following a probe into the books of haulage group Eddie Stobart. Nicola Quayle, who led the Manchester office of 'Big Four' audit firm KPMG for two years until December 2019, has been ordered to pay £45,500 by the Financial Reporting Council (FRC). This was discounted from £70,000 as a result of 'admissions and early disposal'. The regulator highlighted her seniority at the time of the audit and 'past disciplinary record' as aggravating factors. KPMG was issued with a penalty of £877,500, discounted from £1.35million, after it admitted 'serious failings' in its audit of the 2017 accounts of Eddie Stobart. www.theguardian.com/business/2023/mar/08/pwc-fined-for-babcock-audit-failings-including-faking-evidence. The consultancy group PwC has been hit with a £7.5m fine over a string of serious breaches while auditing the engineering company Babcock’s accounts, including creating a false record of documents reviewed for a sensitive government contract. The accounting regulator, the Financial Reporting Council, said breaches were found in “every area” it had investigated in relation to the audit of Babcock’s accounts for 2017 and 2018, with PwC repeatedly failing to either challenge management, gather sufficient evidence to confirm financial statements, or follow basic audit requirements. The FRC said it signalled a “lack of competence, care or diligence” by PwC, and raised particular concern given that most of Babcock’s business comes from highly sensitive UK government contracts, including with the Ministry of Defence. In one case, there was no evidence that PwC’s audit team had reviewed a 30-year-contract worth up to £3bn, and in another, the team had failed to scrutinise a €640m (£570m) contract written entirely in French. None of the team spoke French, and there was no evidence PwC tried to translate the documents to confirm the terms of the deal. The big accounting firms are a disgrace. Their failure to discover discrepancies in company accounts beggars belief. Prisons are used to 'normalise' offenders. Their purpose is to turn the inmates into 'normal' acceptable members of society, to instil society's standards into them. White collar criminals don't get lengthy prison sentences because they are considered to be already largely normalised. |
|
|
|
Post by ginnyg on Jun 30, 2023 15:31:16 GMT
www.msn.com/en-gb/money/other/ex-kpmg-partner-nicola-quayle-fined-again-serious-failings-found-in-eddie-stobart-s-accounts/ar-AA1ddTKs?ocid=msedgdhp&pc=U531&cvid=70f7d8073aad49a5bc326a9390f9c709&ei=22A hapless accountant branded 'Britain's worst auditor' has been hit with yet another fine following a probe into the books of haulage group Eddie Stobart. Nicola Quayle, who led the Manchester office of 'Big Four' audit firm KPMG for two years until December 2019, has been ordered to pay £45,500 by the Financial Reporting Council (FRC). This was discounted from £70,000 as a result of 'admissions and early disposal'. The regulator highlighted her seniority at the time of the audit and 'past disciplinary record' as aggravating factors. KPMG was issued with a penalty of £877,500, discounted from £1.35million, after it admitted 'serious failings' in its audit of the 2017 accounts of Eddie Stobart. www.theguardian.com/business/2023/mar/08/pwc-fined-for-babcock-audit-failings-including-faking-evidence. The consultancy group PwC has been hit with a £7.5m fine over a string of serious breaches while auditing the engineering company Babcock’s accounts, including creating a false record of documents reviewed for a sensitive government contract. The accounting regulator, the Financial Reporting Council, said breaches were found in “every area” it had investigated in relation to the audit of Babcock’s accounts for 2017 and 2018, with PwC repeatedly failing to either challenge management, gather sufficient evidence to confirm financial statements, or follow basic audit requirements. The FRC said it signalled a “lack of competence, care or diligence” by PwC, and raised particular concern given that most of Babcock’s business comes from highly sensitive UK government contracts, including with the Ministry of Defence. In one case, there was no evidence that PwC’s audit team had reviewed a 30-year-contract worth up to £3bn, and in another, the team had failed to scrutinise a €640m (£570m) contract written entirely in French. None of the team spoke French, and there was no evidence PwC tried to translate the documents to confirm the terms of the deal. The big accounting firms are a disgrace. Their failure to discover discrepancies in company accounts beggars belief. Prisons are used to 'normalise' offenders. Their purpose is to turn the inmates into 'normal' acceptable members of society, to instil society's standards into them. White collar criminals don't get lengthy prison sentences because they are considered to be already largely normalised. Which is why they laugh at the paltry fines and continue as before. |
|
|
|
Post by jonksy on Jun 30, 2023 19:56:23 GMT
Prisons are used to 'normalise' offenders. Their purpose is to turn the inmates into 'normal' acceptable members of society, to instil society's standards into them. White collar criminals don't get lengthy prison sentences because they are considered to be already largely normalised. Which is why they laugh at the paltry fines and continue as before. You know when you have hit a raw nerve Ginny they throw open the asylum doors |
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Jun 30, 2023 20:27:40 GMT
Which is why they laugh at the paltry fines and continue as before. You know when you have hit a raw nerve Ginny they throw open the asylum doors Is that how you managed to get out? |
|
|
|
Post by jonksy on Jul 1, 2023 4:51:27 GMT
You know when you have hit a raw nerve Ginny they throw open the asylum doors Is that how you managed to get out? And up pops another one Ginny. |
|
|
|
Post by ginnyg on Jul 1, 2023 10:57:31 GMT
"Prisons are used to normalise offenders" Really? I thought incarceration was a means to ensure criminals were prevented from reoffending, and to protect the public. Imposing a fine - especially on someone or some company which has a high income - solves nothing. It's like fining a footballer a week's wages - probably more than some folk earn in a decade. They just don't feel any pain. Loss of freedom would surely get the message across more effectively that whatever stunts these shysters are pulling will not be tolerated.
|
|
|
|
Post by Equivocal on Jul 1, 2023 20:52:18 GMT
Prisons are used to 'normalise' offenders. Their purpose is to turn the inmates into 'normal' acceptable members of society, to instil society's standards into them. White collar criminals don't get lengthy prison sentences because they are considered to be already largely normalised. Try the late John Gardner - he argued punishment (prison), while performing the standard reformatory and punitive functions, serves to stabilise society by quelling the need for illegal retribution, vigilantism and vendetta.
If you're interested, I'll look up the reference.
|
|
|
|
Post by Einhorn on Jul 1, 2023 21:19:35 GMT
Prisons are used to 'normalise' offenders. Their purpose is to turn the inmates into 'normal' acceptable members of society, to instil society's standards into them. White collar criminals don't get lengthy prison sentences because they are considered to be already largely normalised. Try the late John Gardner - he argued punishment (prison), while performing the standard reformatory and punitive functions, serves to stabilise society by quelling the need for illegal retribution, vigilantism and vendetta.
If you're interested, I'll look up the reference.
Thanks. I'm more interested in Foucault at the moment, though. His theory explains a lot more than the penal system itself. It explains how we come to be 'normalised', internalise social rules, and come to see what are essentially arbitrary norms as natural. It's quite dense, and it will take some time to get a grip of the nuances. I foresee it taking up most of my reading time for some time to come. Cheers for the offer, though, Equivocal. Edit: I had a look on Youtube to see if there might be a quick summary of his thinking. The only John Gardner that came up was an American novelist. |
|
|
|
Post by Equivocal on Jul 1, 2023 21:26:03 GMT
Try the late John Gardner - he argued punishment (prison), while performing the standard reformatory and punitive functions, serves to stabilise society by quelling the need for illegal retribution, vigilantism and vendetta.
If you're interested, I'll look up the reference.
Thanks. I'm more interested in Foucault at the moment, though. His theory explains a lot more than penal system itself. It explains how we come to be 'normalised', internalise social rules, and come to see what are essentially arbitrary norms as natural. It's quite dense, and it will take some time to get a grip of the nuances. I foresee it taking up most of my reading time for some time to come. Cheers for the offer, though, Equivocal. I reckon Faucault is a complicated Hobbes, but enjoy! |
|
|
|
Post by Montegriffo on Jul 1, 2023 21:37:08 GMT
|
|
|
|
Post by Equivocal on Jul 1, 2023 21:41:16 GMT
We are free - and we're not! |
|
|
|
Post by Montegriffo on Jul 2, 2023 1:28:23 GMT
We are free - and we're not!  |
|
