Mayflower Share Discussion Threads

[soysoy] 14/9/2005 14:19

ONE BATTLE , BUT THE WAR IS NOT OVER

[soysoy] 14/9/2005 14:16

Accountancy Investigation & Discipline Board
--------------------------------------------------------------------------------
The Mayflower Corporation Plc

AIDB PN 5 14 September 2005


The Executive Counsel of the AIDB has conducted an investigation into the conduct of : PricewaterhouseCoopers LLP ("PwC") and Arthur Andersen ("Andersen"), both former auditors of The Mayflower Corporation Plc ("Mayflower"); David Thomas Donnelly, the former Finance Director; and Ian Jon Shelton, a former employee of one of Mayflower's principal subsidiaries, Transbus International Limited ("Transbus").

Following the investigation it has been decided to file disciplinary complaints against PwC and Mr Donnelly.

The Complaint against PwC relates to the following matters:

Their audit of the 2002 Transbus accounts and, in particular, amounts held on behalf of a bank under an invoice discounting facility;
Their audit of the 2002 Mayflower accounts and disclosures relating to the company's ability to continue as a going concern beyond 31st December 2003.
The Complaint against Mr Donnelly relates to the following matters:

Disclosures in the 2002 Mayflower accounts relating to the company's ability to continue as a going concern beyond 31st December 2003.
The refinancing of the Group's banking facilities at the end of 2003 and the failure to disclose the discovery of accounting irregularities at one of Mayflower's principal subsidiaries.
The complaints will be heard by an independent Tribunal to be convened shortly.

No complaint will be filed against Andersen.

The investigation relating to Mr Shelton is currently being finalised and the outcome of that part of the investigation will be announced separately.

[soysoy] 14/9/2005 14:08

Mayflower FD faces tribunal
Former FD faces tribunal after AIDB investigation into bus manufacturer's accounts

Paul Grant, Accountancy Age 14 Sep 2005
The former auditor and finance director of collapsed bus manufacturer Mayflower will face a tribunal following the first complaints laid against accountants by the Financial Reporting Council's disciplinary panel.

Big Four firm PricewaterhouseCoopers and former FD David Donnelly had complaints laid against them yesterday by the Accountancy Investigation and Discipline Board following investigations that lasted over a year. The AIDB decided not to pursue its investigation into another former auditor, Arthur Andersen.

The complaint against PwC relates to the audit of the 2002 accounts of Mayflower and subsidiary Transbus, in particular to amounts held on behalf of a bank under an invoice discounting facility at Transbus and disclosures relating to Mayflower's ability to continue as a going concern beyond the end of 2003.

Donnelly faces a similar charge over the company's ability to continue as a going concern alongside the failure to disclose the discovery of accounting irregularities at a subsidiary.

Another investigation into former Transbus employee Ian Shelton has yet to be concluded.

A PwC spokeswoman said the complaints were 'misconceived. We have examined the conduct of the relevant audits carefully and we are very confident they were planned and conducted with due skill and care.'

Permalink to this story
www.financialdirector.co.uk/2142272

[soysoy] 14/9/2005 14:06

Accountancy magazine - News - Headlines


14/09/2005

PwC faces disciplinary over Mayflower





PwC is to face a tribunal after the Accountancy Investigation and Discipline Board (AIDB) laid complaints over the accounts of Mayflower and its bus-making subsidiary Transbus.

AIDB conducted an investigation into the conduct of PwC and Andersen, former auditors of the Mayflower Corporation, David Donnelly its FD and Ian Shelton, an employee of Transbus, a subsidiary of Mayflower.

The board concluded that it would file disciplinary complaints against PwC in relation to the 2002 Transbus accounts and the 2004 Mayflower accounts.

Its complaint against the Mayflower FD David Donnelly relates to disclosures in the 2002 Mayflower accounts referring to its status as a going concern. In addition, the AIDB has filed a complaint related to the refinancing of the Mayflower Group at the end of 2003 and accounting irregularities at a principal subsidiary.

PwC has expressed surprise over the board's decision to file disciplinary complaints. The firm says that it reviewed its conduct in the relevant audits at the time the AIDB began its investigation.

'We believe the complaint to be misconceived and we look forward to explaining why that is,' the firm said.

No complaint has been filed against Andersen.






Story posted by Bob Reynolds


Associated Articles


14/07/2004 - New discipline board probes Mayflower
29/06/2004 - Deloitte sells Mayflower division
05/04/2004 - Another Mayflower company in administration
01/04/2004 - Mayflower placed into administration
30/03/2004 - Mayflower reveals accounting irregularities
25/02/2003 - Mayflower set to rewrite accounts

[soysoy] 14/9/2005 14:00

GOOD NEWS
AND THIS IS WHAT I ASKED FOR ALL ALONG

THE FIRST BIT I ASKED FOR IS ON ITS WAY
1 The Mayflower investigation is the first inquiry by the AIDB, set up in May as part of a new independent regulator for the accounting profession to deal with allegations of misconduct against accountants.
The group, which said the investigation will likely take "several months", can seek to impose unlimited fines on firms or individuals, or have them expelled from professions' representative bodies.
2 The lawyers are working on the case in the background and being paid by a third party that we can not name. When the story is released, then the Police, the FSA and the Government may get involved. It is a very serious case and we have to wait for the completion of the investigation first.


3 It is understood to have been ordered by Trade Secretary Patricia Hewitt under Section 447 of the Companies Act, which allows for confidential investigations where there is suspicion of misconduct.
It is not known if former Prime Minister John Major, a Mayflower director in 2000, has been interviewed as part of the secret inquiry launched last year.

4 I like all the news to come out .but it`s just like buying house the legal bit always take the longest


At its meeting on 8 July 2004, the Accountancy Investigation and Discipline Board decided to commence an investigation into Mayflower Corporation Plc and its subsidiaries. The matter was referred to the AIDB by the Institute of Chartered Accountants of England and Wales and the Association of Chartered Certified Accountants. The initial scope of the investigation will be as follows :
The role and conduct of members and member firms of the ICAEW and ACCA in relation to the Mayflower Corporation Plc and its subsidiaries, whether as auditors, advisers, directors, employees or in any other capacity.
The investigation will include, in particular:
(i) the conduct of the audits of the financial statements of Mayflower Corporation Plc and its subsidiaries for the years ended 31 December 2000, 2001, 2002 and 2003 by Arthur Andersen and PricewaterhouseCoopers;
(ii) the conduct of a review of the interim financial statements of the Mayflower Corporation Plc and its subsidiaries as at 30 June 2003 by PricewaterhouseCoopers; and
(iii) the conduct of David Thomas Donnelly, a former Director of Mayflower Corporation Plc and Transbus International Limited.

5> AND JAKNIFE CAN SHOW IS XXSE

[the_doctor] 14/9/2005 10:14

& no doubt in part due to the excellent work of many here that have campaigned for this!

The fine should be returned to those that lost out as a result of PWC's botched audit - the shareholders & the workers (excluding directors)

The whole lot should be reimbursed - plus additional costs.

look at how much some US woman got because her overweight husband had a heart attack when taking painkillers ($250m!)

[Abuse team] 14/9/2005 10:07

Post removed by ADVFN

[soysoy] 29/8/2005 16:52

Board & Senior Mgmt Changes

RNS Number:4734Q
Man Group plc
25 August 2005


25 August 2005

Board and Senior Management Changes

Man Group plc announces that Chris Chambers is stepping down as Chief Executive
of Man Investments and as a director of Man Group plc with effect from 31 August
2005. John Morrison, currently Head of Marketing and Client Services for Man
Investments, has been appointed as Chief Executive of Man Investments.


IS THIS BECAUSE THE ADIB ARE LOOKING INTO HIM AND HE`S NOT GOING TO COME OUT SMELLING OF ROSESS

[nipper33] 23/8/2005 06:47

Why is it that only Donnelly is under scrutiny,whats happening to the other directors?

[ecomkid] 19/8/2005 17:11

ahhhaaa .... investigations and more investigations ... when do we see some results ? :)

[soysoy] 19/8/2005 16:56

WELL THERE LOOKING AT ROVER NOW

AIDB announces investigation into MG Rover

AIDB PN 4 17 August 2005


The AIDB has decided to investigate the conduct of Deloitte & Touche LLP as auditors and advisers to the MG Rover Group. Initially, the investigation will focus on the audits of the 2003 accounts of MG Rover Group Limited and its ultimate parent company, Phoenix Venture Holdings Limited and certain non-audit services provided by Deloitte & Touche to the Group.

This decision was taken following consultation with the ICAEW (the professional body of which Deloitte & Touche is a member firm), which has agreed that the matter should be investigated by the AIDB.



Notes to Editors


The Financial Reporting Council (FRC) is a unified, independent regulator. Its mission is to promote confidence in corporate reporting and governance. The FRC incorporates five operating boards: the Accounting Standards Board, the Auditing Practices Board, the Financial Reporting Review Panel, the Accountancy Investigation and Discipline Board and the Professional Oversight Board for Accountancy.
The Accountancy Investigation and Discipline Board ("AIDB") is the independent, investigative and disciplinary body for accountants in the UK. The AIDB is responsible for operating and administering an independent disciplinary scheme (" the Scheme") covering members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy and the Institute of Chartered Accountants in England and Wales.
The focus of the AIDB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the individual accountancy body of the member concerned. The normal channel of reference to the AIDB for 'public interest' cases will be the accountancy body primarily concerned. However, the AIDB will also have the power to call in cases whether or not they have been referred to it by an accountancy body.
All Press enquires should be directed to: Cameron Scott on telephone: [phone] or email:
[e-mail] or Anne McArthur, Secretary on telephone: [phone] or email: [e-mail]

[tehart] 29/7/2005 12:57

not even looked in here a long time, lost a couple grand on these, best case scenario someone ? or did I need to be part of a group to expect anything ?

Regards,
t

[soysoy] 24/7/2005 17:15

We think it gone quite because they going to press charges on one of the Directors .
IF ANY ONE WOULD LIKE TO ASK ANY QUESTION
THERE`S LINK BELOW

[nipper33] 22/7/2005 06:40

Gone quite,anyone heard any news?

[soysoy] 16/6/2005 17:18

It's bit double Dutch but I get the hint they might press charges as result of the ADIB enquiry .They will not show it's result in case it affects a court case,
which also stops me from give to much away on here,and two newspaper from printing it.
The investigation will include, in particular:
(i) the conduct of the audits of the financial statements of Mayflower Corporation Plc and its subsidiaries for the years ended 31 December 2000, 2001, 2002 and 2003 by Arthur Andersen and PricewaterhouseCoopers;
(ii) the conduct of a review of the interim financial statements of the Mayflower Corporation Plc and its subsidiaries as at 30 June 2003 by PricewaterhouseCoopers; and
(iii) the conduct of David Thomas Donnelly, a former Director of Mayflower Corporation Plc and Transbus International

[werdermouth] 16/6/2005 13:49

"unless this would not be in the public interest"


I love that coverall expression........you can hide a whole multitude of sins behind those well chosen words!

Just goes to prove the mantra spouted by our glorious government - we do, after all, live in an open democratic society........... Rest easy in yer beds!

w

[nipper33] 16/6/2005 07:23

Does this make Donnelly the 'fall guy'

[soysoy] 15/6/2005 17:19

Thank you for contacting me on 12th June 2005.

Under the terms of the AIDB Scheme, the AIDB Board will publish the
outcome of investigations, unless this would not be in the public
interest. In the event that the investigation results in disciplinary
complaints being filed, these will be heard by a tribunal which will sit
in public, unless this would prejudice the interests of justice. The
tribunal's reports will be published unless this would not be in the
public interest.

The investigation has not fully concluded. When it has and if a decision
is made to publish the outcome, this will be available on the AIDB
website.

Regards

xxxxxxxxxxx
Executive Counsel

[soysoy] 12/6/2005 12:40

Does anyone want to ask them when they be ready with there report
Mayflower Corporation plc

08 July 2004


At its meeting on 8 July 2004, the Accountancy Investigation and Discipline Board decided to commence an investigation into Mayflower Corporation Plc and its subsidiaries. The matter was referred to the AIDB by the Institute of Chartered Accountants of England and Wales and the Association of Chartered Certified Accountants. The initial scope of the investigation will be as follows :



The role and conduct of members and member firms of the ICAEW and ACCA in relation to the Mayflower Corporation Plc and its subsidiaries, whether as auditors, advisers, directors, employees or in any other capacity.



The investigation will include, in particular:



(i) the conduct of the audits of the financial statements of Mayflower Corporation Plc and its subsidiaries for the years ended 31 December 2000, 2001, 2002 and 2003 by Arthur Andersen and PricewaterhouseCoopers;



(ii) the conduct of a review of the interim financial statements of the Mayflower Corporation Plc and its subsidiaries as at 30 June 2003 by PricewaterhouseCoopers; and



(iii) the conduct of David Thomas Donnelly, a former Director of Mayflower Corporation Plc and Transbus International Limited.

[scribbler101] 11/6/2005 00:15

Now that would be Anomalous?

[scribbler101] 10/6/2005 16:43

or the Knut of Knutsford?

[soysoy] 10/6/2005 15:27

I Could be a Lord Hulme of Cheadle