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Wasps being investigated by the FCA
AlecW (IP Logged)
12 April, 2019 07:55
In the Financial Times here

Since the FT is behind a paywall, the gist is

"FCA scrutiny comes after Wasps admitted to creditors in late 2017 that it had overstated its earnings, breaching covenants on a £35m retail bond, and its auditors, PwC, stepped down after finding “falsified” information.

A £1.1m capital injection by Derek Richardson, the Irish businessman who owns Wasps and is its chairman, was wrongly stated as income. According to a market announcement made in December 2017, this cut the club’s earnings to £2.4m rather than the £3.5m it first stated."


Let he who is without sin cast the fi...............

 
Re: Wasps being investigated by the FCA
PV (IP Logged)
12 April, 2019 09:14
Will be a minor sanction relative to what I see in the market daily

 
Re: Wasps being investigated by the FCA
Shawshank (IP Logged)
12 April, 2019 10:14
Doesn't it have to be pretty serious for an auditor to step down...?(Sm100)

 
Re: Wasps being investigated by the FCA
PV (IP Logged)
12 April, 2019 11:04
TBH I'm surprised PwC even took it on in the first place.

If that's the primary issue then the FRC would be involved. FCA sanction for this type of issue tends to be low level.

 
Re: Wasps being investigated by the FCA
LI Bohemian (IP Logged)
12 April, 2019 15:29
Didn't PwC look after the Carillion accounts?

 
Re: Wasps being investigated by the FCA
PV (IP Logged)
12 April, 2019 15:39
No they didn’t, that was KPMG and has no connection.

 
Re: Wasps being investigated by the FCA
LI Bohemian (IP Logged)
12 April, 2019 15:40
My apologies

 
Re: Wasps being investigated by the FCA
PV (IP Logged)
12 April, 2019 16:35
Quote:
LI Bohemian
My apologies

No problem at all and no need to apologise.


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