<https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>

On 13/04/2022 11:58, Recliner wrote:
> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>

Somehow I don't think I'd choose Deloitte to audit my acoounts!

--
Graeme Wall
This account not read.

On Wed, 13 Apr 2022 13:55:30 +0100, Graeme Wall <rail@greywall.demon.co.uk> wrote:

>On 13/04/2022 11:58, Recliner wrote:
>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>
>Somehow I don't think I'd choose Deloitte to audit my acoounts!

Yup:

Deloitte is under investigation by the accounting regulator for its audits of Go-Ahead Group, the bus and train operator
found to have hidden and then failed to pay back more than £25 million owed to the taxpayer.

The Financial Reporting Council announced yesterday that it was investigating Deloitte’s audits of the accounts of the
Newcastle-based group for the years between 2016 and 2021.

....

Deloitte is also under investigation by the regulator for its audits of Mitie Group, the outsourcer; SIG, the
construction materials supplier; and Lookers, the car dealership. Deloitte was fined a record £15 million for “serious
and serial failures” in its audit of Autonomy, the software company.

On 13/04/2022 13:55, Graeme Wall wrote:
> On 13/04/2022 11:58, Recliner wrote:
>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>
> Somehow I don't think I'd choose Deloitte to audit my acoounts!

That's very honest of you. Many companies would love an auditor who
lets them trouser £25m with no questions asked.

On 13/04/2022 14:10, Certes wrote:
> On 13/04/2022 13:55, Graeme Wall wrote:
>> On 13/04/2022 11:58, Recliner wrote:
>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>
>>
>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>
> That's very honest of you.  Many companies would love an auditor who
> lets them trouser £25m with no questions asked.

What are they making out of it?

--
Graeme Wall
This account not read.

On Wed, 13 Apr 2022 14:10:59 +0100, Certes <none@nowhere.net> wrote:

>On 13/04/2022 13:55, Graeme Wall wrote:
>> On 13/04/2022 11:58, Recliner wrote:
>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>
>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>
>That's very honest of you. Many companies would love an auditor who
>lets them trouser £25m with no questions asked.

If you're deliberately trying to avoid scrutiny, then yes, you want an
auditor who isn't going to scrutinise.

If, though, you're running a company as competantly as possible, then
you also want a competant auditor.

Mark

On 13/04/2022 16:17, Graeme Wall wrote:
> On 13/04/2022 14:10, Certes wrote:
>> On 13/04/2022 13:55, Graeme Wall wrote:
>>> On 13/04/2022 11:58, Recliner wrote:
>>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>>
>>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>>
>> That's very honest of you.  Many companies would love an auditor who
>> lets them trouser £25m with no questions asked.
>
> What are they making out of it?

My only personal experience of Big Accountancy was when my debtor went
bust with enough cash to cover 60% of their liabilities. A well-known
consultancy was appointed and drained the assets into their own pockets.
Once the cash was at risk of running out, they sent us cheques for the
remaining 3% and went home. It shouldn't be legal, but it is.

On Wed, 13 Apr 2022 10:58:27 -0000 (UTC), Recliner
<recliner.usenet@gmail.com> wrote:

><https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>

This is interesting. IIRC there were people on this group at the time
who seemed adamant there was nothing serious going on and it was just
a technicality. Let's see what the investigation finds.

Scott <newsgroups@gefion.myzen.co.uk> wrote:
> On Wed, 13 Apr 2022 10:58:27 -0000 (UTC), Recliner
> <recliner.usenet@gmail.com> wrote:
>
>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>
> This is interesting. IIRC there were people on this group at the time
> who seemed adamant there was nothing serious going on and it was just
> a technicality. Let's see what the investigation finds.
>

What's curious in this case is who benefited? No corrupt individuals were
stealing the funds, and the retention of the overpaid funds wasn't ordered
by the company's management or passed on to shareholders.

So it looks like it was a genuine oversight or accounting error that was
missed by both the TOC's internal and external auditors, as well as by both
parent companies, the DfT and the Treasury. And this lacuna persisted for
no fewer than seven years. It took an external review to eventually spot
it.

Graeme Wall <rail@greywall.demon.co.uk> wrote:
> On 13/04/2022 11:58, Recliner wrote:
>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>
> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>

Someone should tell HMG:

<https://www.telegraph.co.uk/business/2022/04/19/deloitte-cashes-government-contracts-kpmg-stands-aside>

Deloitte has cashed in on rival KPMG pulling out of government consultancy
work, with the Big Four firm already securing more than £50m in public
sector contracts since the beginning of the year.

The accounting and consulting giant has won £53m worth of government
contracts since January, according to data from Tussell, up more than a
fifth on 2019, as it benefited from KPMG withdrawing from public sector
contracts following a Cabinet Office rebuke.

KPMG took the unusual decision to pull out of bidding for new central
government contracts at the end of last year after the Cabinet Office
threatened to ban the firm following a slew of scandals.

It came after a string of fines were imposed on KPMG for misconduct,
including a £13m penalty for its handling of the insolvency of mattress
company Silentnight.

The embattled firm has taken in just £9m from public sector work this year
after it won a new mandate to advise the NHS, compared to £46m during the
same period last year.

The data from Tussell shows that Deloitte has been the biggest beneficiary
of KPMG withdrawing from the market, with PwC and EY taking in £41m and
£25m respectively during the first quarter of the year.

On 19/04/2022 21:25, Recliner wrote:
> Graeme Wall <rail@greywall.demon.co.uk> wrote:
>> On 13/04/2022 11:58, Recliner wrote:
>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>
>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>>
>
> Someone should tell HMG:
>
> <https://www.telegraph.co.uk/business/2022/04/19/deloitte-cashes-government-contracts-kpmg-stands-aside>
>

Given my known opinion about the bunch of shysters currently purporting
to be HMG, my comment still stands.

--
Graeme Wall
This account not read.

Graeme Wall <rail@greywall.demon.co.uk> wrote:
> On 19/04/2022 21:25, Recliner wrote:
>> Graeme Wall <rail@greywall.demon.co.uk> wrote:
>>> On 13/04/2022 11:58, Recliner wrote:
>>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>>
>>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>>>
>>
>> Someone should tell HMG:
>>
>> <https://www.telegraph.co.uk/business/2022/04/19/deloitte-cashes-government-contracts-kpmg-stands-aside>
>>
>
> Given my known opinion about the bunch of shysters currently purporting
> to be HMG, my comment still stands.

Choosing dodgy auditors seems entirely consistent with current government
attitudes and performance. Win-win! Trebles all round, chaps!

Sam

--
The entity formerly known as Sam.Wilson@ed.ac.uk
Spit the dummy to reply

Sam Wilson <ukr@dummy.wislons.fastmail.co.uk> wrote:
> Graeme Wall <rail@greywall.demon.co.uk> wrote:
>> On 19/04/2022 21:25, Recliner wrote:
>>> Graeme Wall <rail@greywall.demon.co.uk> wrote:
>>>> On 13/04/2022 11:58, Recliner wrote:
>>>>> <https://www.thetimes.co.uk/article/f12bb6ae-ba70-11ec-94e5-2197dead5942?shareToken=566142e047389dec5345a5a1683a5e66>
>>>>
>>>> Somehow I don't think I'd choose Deloitte to audit my acoounts!
>>>>
>>>
>>> Someone should tell HMG:
>>>
>>> <https://www.telegraph.co.uk/business/2022/04/19/deloitte-cashes-government-contracts-kpmg-stands-aside>
>>>
>>
>> Given my known opinion about the bunch of shysters currently purporting
>> to be HMG, my comment still stands.
>
> Choosing dodgy auditors seems entirely consistent with current government
> attitudes and performance. Win-win! Trebles all round, chaps!
>

Of course, Deloitte is acting a consultant and systems implementer to the
government, not an auditor. The Big Four will take on a wide variety of
projects, at short notice, and high prices. It's all part of the
government's way of saving money by cutting the government payroll.

One way they drum up business is by generously lending high powered staff
to the major political parties to help them formulate policies or learn
about business issues. It's then only natural for the parties when in
government to use the taxpayers' money to buy services from those friendly
experts to help them govern.