Patisserie Share Discussion Threads

[tjbird] 30/6/2020 07:43

Last years Christmas party at cakes finance dept



Luke turned out to be useless lump of lard

[pugugly] 27/6/2020 12:19

As payments giant Wirecard enters the pantheon of shocking corporate failures, here are 12 great scandals that rocked the business world...

CAKE has made the list!!

[gustavfenk] 27/5/2020 21:43

https://youtu.be/KS0o1yxRJ0A

[meijiman] 18/5/2020 20:41

It's all very odd.Friends in high places perhaps.If you were hands on here then you are in the frame. If you completely delegated then you come across as a naive fool and a poor judge of character.

[septimus quaid] 18/5/2020 17:01

Teflon Luke

[lefrene] 18/5/2020 16:04

meijiman, one gets the impression that LJ is 'protected' for reasons unknown. What a bloke who ran a company into the ground is doing with a financial column in The Times, I don't know. The idiot accountancy firm who evidently believed that all those cake shops were taking £200 an hour, are also still posing as a serious and competent business too.

[diku] 18/5/2020 15:57

If I heard him correctly he said the economy is going down the toilet...

[meijiman] 18/5/2020 15:55

He is to be knighted soon. Step forward Lord Cake.

[diku] 18/5/2020 15:32

He was on BBC question time last week...

[meijiman] 28/4/2020 15:31

Whats happening on CAKE..is there some sort of investigation?

[konradpuss] 28/4/2020 14:25

I bet LJ is claiming the lot for 'Gails'!

[lefrene] 28/4/2020 14:23

If CAKE hadn't gone down the Swanee I suspect LJ would have been swift to scoop all the government largesse he could get. After all a cake and coffee operation taking £200 an hour all hours at all locations would have been worthy of it! lol.

[pugugly] 28/4/2020 14:14

LJ just pontificating on Ian King - (Sky News) Not a word about CAKE!! Message received he wants restaurants to open up - No word about how may extra deaths likely to result from eating in these potential "petri dishes"

Jobs over deaths??

[onjohn] 09/4/2020 00:27

The COVID-19 crisis poses a severe challenge for private equity valuations given its scale and the current level of uncertainty

Is Luke pizza boy Johnson's Risk Capital now insolvent as a result?

[sleepy] 04/4/2020 00:21

She was senior statutory auditor to Pets at Home Group for their accounts for the year ending 31 March 2016

[sleepy] 03/4/2020 23:08

Presume company is a retailer (possibly wholesaler) based in North West.

Any suggestions?

[konradpuss] 03/4/2020 22:15

Let's see if Grant Thornton lose their appeal in respect of Assetco Plc v Grant Thornton.

Result of the case soon to be published by the Court of Appeal. Grant Thornton lost the first round.

Damages circa £30 million already paid into Court by Grant Thornton.

I bet the partners are not 'happy campers'.

[onjohn] 03/4/2020 21:48

Pizza boy Mr Johnson is credited with overseeing a massive £40m fraud at CAKE

[onjohn] 03/4/2020 21:46

Big Four audit giant KPMG and a current partner have been severely sanctioned by the Financial Reporting Council (FRC) over significant audit failures which occurred in the conduct of a major company audit in 2016

3 Apr 2020

Sara White
Sara White
Editor, Accountancy Daily, published by Croner-i Ltd

View profile and articles.
Pat Sweet
Pat Sweet
Reporter, Accountancy Daily, published by Croner-i Ltd

View profile and articles.
The audit regulator slammed KPMG as an entity as well as Nicola Quayle, a former senior partner based in Manchester, who is still a partner at the firm, over audit failures relating to a failure of professional audit scepticism when auditing complex supplier arrangements in the financial statements of an unnamed client company for the 2015/16 financial year.

The sanction notice document has been extensively redacted to conceal the details of the client company. Total penalties amounted to £700,000 before they were reviewed and reduced for various reasons, and included a £650,000 fine for the firm and initial £45,000 fine for the individual partner.

In an unusual move the audit regulator, the Financial Reporting Council (FRC), redacted the name of the company involved, and said that the sanctions and fines related to problems over KPMG’s audit scepticism over the audit process associated with ‘complex supplier engagements’ and reporting of ‘promotional income’.

An FRC spokesperson told Accountancy Daily: ‘This the second time in the last year that the name of the audited company has been withheld. The FRC’s Publications Policy allows in certain circumstances for the name of the company to be withheld.

‘The FRC Executive has concluded that in all the circumstances naming the company is not fair and necessary in this case. The decision notice does provide additional details about the breaches.’

This is the second time in less than four months that the Financial Reporting Council has refused to publish the name of the company involved in a significant disciplinary case related to audit failures, the last case involved Grant Thornton and was revealed in December 2019.

The scale of the fine suggests that this case involved a major listed company.

This is despite the fact the government is planning to give the regulator more powers when it is reconstituted as the Audit, Reporting and Governance Authority (ARGA) with greater statutory powers following a raft of audit failures, pending the passing of a statutory instrument and possible amendments to the Companies Act 2006.

Just four months ago, the FRC also caved into pressure and withheld the name of a client company. On that occasion it was over a £650,000 fine handed out to Grant Thornton and one of its audit engagement partners over the statutory audit of the 2016 financial statements of another publicly listed company.

These supplier chain reporting and audit problems typically arise in sectors like retail where there are complex supply chains. These issues are always highlighted as hugely problematic in the annual FRC Audit Quality Inspection (AQI) reviews, which are normally released in July of each year. The last major public incident related to Tesco, which misstated £263m in forward booked revenue.

Sanction for KPMG

KPMG was fined £700,000 - as usual discounted by FRC for admissions and early disposal - which saw the penalty cut to £455,000 and a reprimand for the audit firm.

Nicola Quayle, a former senior partner for Manchester, has been given a financial sanction of £45,000, discounted for admissions and early resolution to £29,250, and a reprimand. She is also required to undertake appropriate training, in a format to be agreed with the FRC.

Quayle has agreed that she will not undertake statutory audits of public interest entities for a period of two years. The FRC reported she has already received fines from KPMG in relation to the FY2016 audit, and in respect of her prior regulatory record.

The FRC said KPMG’s statutory audit report did not satisfy the relevant requirements. As a result, within two years, by March 2022, KPMG is required to undertake a quality performance review (QPR) of three statutory audits where Quayle is named as the statutory auditor. These have to be conducted by a statutory auditor from KPMG’s London office, and the firm must report the results annually to the FRC.

Unusually, the FRC has not named the company concerned. It stated that while the findings of its disciplinary investigation did not question the truth or fairness of the company’s FY2016 financial statements. The breaches of relevant requirements related to the audit of items which were material to the consolidated income statement, albeit the scope of the breaches was relatively limited in nature.

They concerned KPMG’s failure to apply sufficient professional scepticism, or to obtain and document sufficient appropriate audit evidence, in relation to the statutory audit of the company’s reporting of two distinct categories of complex supplier arrangements; namely ‘promotional Income’ and ‘over-rider income’.

Seriousness of the breaches
The seriousness of the breaches was aggravated by the facts that the FRC had made auditors aware, through publications in 2014 and 2015, that complex supplier arrangements would be an area of particular attention in its reviews.

In addition, the regulator said both KPMG and Quayle have poor recent regulatory records; and Quayle held senior management responsibilities within KPMG.



Grant thornton to get fined

Pizza boy needs to get to jail asap

[meijiman] 01/4/2020 17:26

A revolting specimen

[farrugia] 01/4/2020 16:48

he's speaking in public instead of hiding in a corner. SHAME ON YOU!

hxxps://news.sky.com/story/coronavirus-former-pizza-express-boss-says-uk-could-face-downturn-similar-to-great-depression-11966970

[onjohn] 01/4/2020 13:52

Grant Thornton toast laying off staff

Hope they still get fined

[konradpuss] 26/3/2020 13:32

Lefrene, too true.

I do not do Twitter, however you can read it on line.

I do think that all are trying to just keep liquidity right now, even 'Cool Hand Luke'.

I guess he will now not be floating 'Gails' any time soon.

[lefrene] 26/3/2020 13:14

Thanks konradpuss, but I don't do 'social media'. The man does seem to have 'protectors', although why I wouldn't know. I suspect quite a few who could pay their bills will use the emergency to avoid paying bills as much as they can. Which I suppose is fair enough under the circumstances, and I expect Luke will be quick to employ new rules.

[konradpuss] 26/3/2020 12:47

Lefrene, you can bet his 'Gails' units have not paid their quarter day rent yesterday.

Just check out his Twitter feed.