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If this is not the correct board for an ex-share, perhaps the Mods could redirect my post.
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Bouleversee wrote:Now that KPMG have owned up to fiddling the figures retrospectively,.
Bouleversee wrote:And how are we shareholders to be compensated? Their lack of proper auditing caused me to top up by quite a large amount and I lost the lot, as did many others. We won't see a penny, of course. It should be the top brass and staff involved who pay the fine not the company.
Bouleversee wrote:And how are we shareholders to be compensated?
thisismoney (monabri) wrote:Concerning the Carillion review, KPMG was found to have created false minutes
monabri wrote:https://www.expressandstar.com/news/business/2022/07/29/three-former-carillion-directors-face-870200-in-fines/
"A trio of former directors of failed outsourcing and construction giant Carillion are set to be fined £870,200 for “recklessly” publishing misleading accounts."
"The Financial Conduct Authority said that if Wolverhampton-based Carillion were not in liquidation it would have been fined £37.9 million.
The Wolverhampton-based business' former chief executive, Richard Howson, is set to get a £397,800 fine, chief financial officer Richard Adam faces paying £318,000. and former finance director Zafar Khan £154,400. Khan took over from Adam in January 2017."
"The FCA said that three of Carillion’s financial statements – published on December 7, 2016, March 1, 2017 and May 3, 2017 – were “misleading and did not accurately or fully disclose the true financial performance of Carillion”.
Dod101 wrote:monabri wrote:https://www.expressandstar.com/news/business/2022/07/29/three-former-carillion-directors-face-870200-in-fines/
"A trio of former directors of failed outsourcing and construction giant Carillion are set to be fined £870,200 for “recklessly” publishing misleading accounts."
"The Financial Conduct Authority said that if Wolverhampton-based Carillion were not in liquidation it would have been fined £37.9 million.
The Wolverhampton-based business' former chief executive, Richard Howson, is set to get a £397,800 fine, chief financial officer Richard Adam faces paying £318,000. and former finance director Zafar Khan £154,400. Khan took over from Adam in January 2017."
"The FCA said that three of Carillion’s financial statements – published on December 7, 2016, March 1, 2017 and May 3, 2017 – were “misleading and did not accurately or fully disclose the true financial performance of Carillion”.
That seems to me to be far more significant than fining KPMG some enormous sum of money. Hit executives in the pocket. It will not help erstwhile shareholders in Carillion but may deter other executives. I never held shares in Carillion, because I never trusted them. Others who put their faith in audit reports are detaching themselves from the culture of the company itself. That is the vital test, always has been and always will.
Dod
Dod
Bouleversee wrote:Dod101 wrote:monabri wrote:https://www.expressandstar.com/news/business/2022/07/29/three-former-carillion-directors-face-870200-in-fines/
"A trio of former directors of failed outsourcing and construction giant Carillion are set to be fined £870,200 for “recklessly” publishing misleading accounts."
"The Financial Conduct Authority said that if Wolverhampton-based Carillion were not in liquidation it would have been fined £37.9 million.
The Wolverhampton-based business' former chief executive, Richard Howson, is set to get a £397,800 fine, chief financial officer Richard Adam faces paying £318,000. and former finance director Zafar Khan £154,400. Khan took over from Adam in January 2017."
"The FCA said that three of Carillion’s financial statements – published on December 7, 2016, March 1, 2017 and May 3, 2017 – were “misleading and did not accurately or fully disclose the true financial performance of Carillion”.
That seems to me to be far more significant than fining KPMG some enormous sum of money. Hit executives in the pocket. It will not help erstwhile shareholders in Carillion but may deter other executives. I never held shares in Carillion, because I never trusted them. Others who put their faith in audit reports are detaching themselves from the culture of the company itself. That is the vital test, always has been and always will.
Dod
Dod
So why do auditors get away with charging such astronomic fees and paying their partners millions if we are stupid to put our faith in their reports? Their whole purpose is to spot errant behaviour such as has been demonstrated with Carillion but probably happens all too frequently if auditors are either in cahoots or just plain incompetent. We jolly well should be able to put our faith in them otherwise what is the point of them? I think both sides deserve massive fines on those in charge.
Bouleversee wrote:Dod101 wrote:monabri wrote:https://www.expressandstar.com/news/business/2022/07/29/three-former-carillion-directors-face-870200-in-fines/
"A trio of former directors of failed outsourcing and construction giant Carillion are set to be fined £870,200 for “recklessly” publishing misleading accounts."
"The Financial Conduct Authority said that if Wolverhampton-based Carillion were not in liquidation it would have been fined £37.9 million.
The Wolverhampton-based business' former chief executive, Richard Howson, is set to get a £397,800 fine, chief financial officer Richard Adam faces paying £318,000. and former finance director Zafar Khan £154,400. Khan took over from Adam in January 2017."
"The FCA said that three of Carillion’s financial statements – published on December 7, 2016, March 1, 2017 and May 3, 2017 – were “misleading and did not accurately or fully disclose the true financial performance of Carillion”.
That seems to me to be far more significant than fining KPMG some enormous sum of money. Hit executives in the pocket. It will not help erstwhile shareholders in Carillion but may deter other executives. I never held shares in Carillion, because I never trusted them. Others who put their faith in audit reports are detaching themselves from the culture of the company itself. That is the vital test, always has been and always will.
Dod
Dod
So why do auditors get away with charging such astronomic fees and paying their partners millions if we are stupid to put our faith in their reports? Their whole purpose is to spot errant behaviour such as has been demonstrated with Carillion but probably happens all too frequently if auditors are either in cahoots or just plain incompetent. We jolly well should be able to put our faith in them otherwise what is the point of them? I think both sides deserve massive fines on those in charge.
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