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The UK accounting manager adds research to PwC on Babcock information

A UK accounting officer has extended his research to PwC on his Babcock International research to consolidate security company accounts for 2019 and 2020.

The Financial Reporting Council said the decision to investigate the investigation took place last month following Babcock’s announcement. comments in the benefits of contract and balance sheet.

This review resulted in approximately 140 changes of approximately $ 2bn related to several previous account errors, statistical changes and a revised accounting system.

Britain’s second largest security contractor announced a review of January last year as part of a major overhaul under Chief David Lockwood. The company in July unveiled a Annual loss of £ 1.6bn as it recorded the benefits of his covenants.

About £ 1.3bn of the £ 2bn paycheck came from good records from items he had previously acquired, in particular the purchase of Avincis, a helicopter search and rescue team.

A sea of ​​red ink seemed to reflect previous criticisms about the accounting and management of the group by a lesser-known group, Boatman Capital Research, which was regularly rejected by Babcock executives at the time.

Babcock said last year was change PwC as auditor and Deloitte after nearly two decades.

Babcock declined to comment Monday.

PwC was already under investigation for its analysis of Babcock’s financial statements for the years ended March 2017 and March 2018.

The investigation comes at the forefront of the FRC’s current investigation into the PwC investigation of the collapsed minibond company. London Capital and Finance and Wyelands Bank, the car of industrial writer Sanjeev Gupta.

Kevin Ellis, chairman of the UK and a senior partner at PwC, said in December that criticism of the companies accounting for political and regulatory companies was rampant. job loss and risk-making makes it harder to attract new subscribers.

Keeping the right readers is also “very difficult, if there is an external conflict”, he said.

PwC announced a profit between £ 868,000 per friend in the UK last year when it boosted corporate growth. 22,000 employees were given additional bonuses and extra time during the coronavirus epidemic.

The company said Monday it fully agreed with the FRC investigation into its Babcock investigation, one of the investigators. the necessary contractors to the UK Ministry of Defense.

“Accounting is very important and we are committed to our program of continuous audit and monitoring,” PwC said.

“The FRC’s annual review of our accounting work, policies and procedures shows how well our work is progressing and we use their feedback, along with our feedback, to further refine the way we conduct high quality research,” it added.

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