DIR Return Create A Forum - Home
---------------------------------------------------------
ComeAllWithin (Harlequins Rugby)
HTML https://comeallwithin.createaforum.com
---------------------------------------------------------
*****************************************************
DIR Return to: ComeAllWithin Board
*****************************************************
#Post#: 361--------------------------------------------------
PWC Resign Over Falsified Wasps Accounts
DIR By: DOK
Date: June 28, 2018, 4:51 pm
---------------------------------------------------------
there is “material uncertainty” over whether Wasps can continue
as a “going concern”.
HTML https://www.coventrytelegraph.net/news/coventry-news/pwc-resigns-auditor-wasps-after-14839285
#Post#: 364--------------------------------------------------
Re: PWC Falsified Wasps Accounts
DIR By: harlequins
Date: June 28, 2018, 11:28 pm
---------------------------------------------------------
that does not sound good
#Post#: 366--------------------------------------------------
Re: PWC Falsified Wasps Accounts
DIR By: Fearless Fred
Date: June 29, 2018, 12:13 am
---------------------------------------------------------
Reading through the story, it may not be as bleak as the title
suggests. The "material uncertainty" phrase is one used when a
company is reliant on a single financial stream for it's
continues operation. In Wasps case, that's the financial backer.
I've seen industrial firms that use the same phrase when they
have one main product line that keeps the company operating
while they are working on R&D for future products. Dig through
our accounts and you'd probably find something similar as we're
reliant on the continued financial support of Jillings et al.
The more concerning one for Wasps is the comments about
"irregularities" and "falsifications". That could land them with
fines and/or directors being forced out if HMRC decides to take
action.
#Post#: 371--------------------------------------------------
Re: PWC Falsified Wasps Accounts
DIR By: RodneyRegis
Date: June 29, 2018, 3:36 am
---------------------------------------------------------
Yeah, it sounds to me like that's just an excuse - very few
rugby clubs would be going concerns without their backers. It's
the falsifying of information which is a problem. Not good at
all.
#Post#: 388--------------------------------------------------
Re: PWC Falsified Wasps Accounts
DIR By: deadlyfrom5yardsout
Date: June 29, 2018, 5:41 am
---------------------------------------------------------
In the background is the ongoing court case between Coventry FC
and Wasps over the ownership of the stadium. The footy boys want
a half share because they say the Council grossly undervalued
the stadium when Wasps bought it from ACL. :-\
#Post#: 405--------------------------------------------------
Re: PWC Falsified Wasps Accounts
DIR By: poorfour
Date: June 29, 2018, 6:36 am
---------------------------------------------------------
The key thing here is not the going concern issue (which as you
say is standard for rugby clubs), but the false information:
--- Quote ---
> "The reason we are ceasing to hold office is that, as set out
in our audit report on the financial statements of Wasps
Holdings Limited for the year ended 30 June 2017, during the
course of our audit we were provided with evidence which our
testing revealed to have been falsified."
--- End Quote ---
The headline of the thread is misleading - PwC didn't falsify
Wasps' accounts - they have resigned as auditors because they
were fed false information.
That's a huge deal - because if it's true (and it's a big step
for an auditor to do this) it means that there was a deliberate
falsification of something on a scale big enough that the
auditor couldn't resolve it with the club. What we don't know is
the scale of the issue.
According to Wasps:
--- Quote ---
> In the accounts, Wasps Holdings' directors said it was an
"isolated instance" and "consider that the measures put in place
provide additional controls to prevent such an occurrence."
--- End Quote ---
HTML https://www.insidermedia.com/insider/midlands/pwc-resign-wasps-role-over-falsified-evidence
#Post#: 419--------------------------------------------------
Re: PWC Resign Over Falsified Wasps Accounts
DIR By: test1
Date: June 29, 2018, 7:31 am
---------------------------------------------------------
Indeed the thread title is potentially libelous.
*****************************************************
Page 1 of 1