[Archived] Company Accounts Til 31St March 2015

[Roverall]

Philip, do you think KPMG will be divulging details? Is this likely to be a clusterduck or will the worms be able to wriggle away once again?

[philipl]

As Mercerman has pointed out in the thread on the resignation, they are required to make any relevant issues pertaining to the resignation public.

Ordinarily, professionalese would be used but the style of that resignation letter and the Club not making an announcement in anticipation leaves me wondering.

[Roverall]

Hmmmmm... The plot thickens. Thank you for your analysis.

The club is already ruined so I dearly hope the @#/?s get it in the neck publicly...

[broadsword]

It's the waiting that's killing me.

I know we're up the spout, on and off the pitch, but we're on about chapter 19 at the moment, and the denouement comes at about chapter 32, I think.

The authour is a complete tease.

[bluebruce]

Rovers year end is 30 June 2015, letter of resignation is dated 14 July 2015 and effective from that date. I would therefore be very surprised that in the space of two weeks, the year end accounts have been produced, audited, finalised and signed off by KPMG.

Doesn't feel right to me.

Uhh. Seems you're implying they have refused to sign off the books? That would be a very bad omen from my limited understanding. Or could it just be that if their resignation is effective from 14th July they would still need to complete work that was already required up to that point?

[DE.]

Note this excerpt from Paul Hunt's letter to Venky's in 2011:

"Auditors KPMG have put as many obstacles as they can in the way of signing off the accounts due to their concerns. We continue to try and work with Barclays but they are very quickly losing patience."

[Athlete]

I would have thought that Dave Whelan was referring to the involvement of he shall not be named when he made the statement about things not looking right.

He was talking about the takeover as a whole

[philipl]

Note this excerpt from Paul Hunt's letter to Venky's in 2011:

Excellent memory and document retention.

Rovers in 2011 were in utter meltdown with every conceivable question mark hanging over them.

Now we are gathered round the deathbed wondering if the old club will tell what really happened with Uncle Jerome before it passes away....

[Athlete]

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10621064/KPMG-quit-as-Poundworld-auditor-over-governance-concerns.html

http://www.accountingweb.com/aa/auditing/kpmg-resigns-as-herbalife-and-skechers-auditor-over-alleged-insider-trading

Dodgy.

dodgy from day one

[DE.]

Excellent memory and document retention.

Rovers in 2011 were in utter meltdown with every conceivable question mark hanging over them.

I wonder how much our business practices have changed since then, even with Jerome and SEM supposedly out of the picture?

Perhaps KPMG just got tired of having to put obstacles in the way and decided to quit. I assume a football club is usually a good client to have and the decision to resign as auditor wouldn't be taken lightly. Our previous auditors, pm+m, were with us for something like 100 years! They left only because Venky's came in and replaced them with KPMG.

[ABBEY]

Perhaps someone is still lurking

[Paul]

My understanding, and I hope Philip or MM will correct me if I'm wrong, is a quality accountancy / audit practice of any size will have one ultimate objective, namely to protect its own reputation.

It seems to me this resignation can mean only one thing - KPMG have found evidence of or been asked to "approve," by virtue of signing off the accounts, dealings which KPMG believe threaten their own reputation

To resign must surely mean KPMG are aware of "facts or actions" which don't conform with, at least, best practice and by resigning protect themselves snd flag up to the world questionable practices have taken place which the club won't or can't change.

Either that or KPMG don't believe the owners will provide funds for a going concern qualification but surely it's far too early in the audit process to be asking for that assurance?

[philipl]

If there are insufficient assurances from the owners, the accounts will be qualified but it is not a basis in itself to cause a resignation.

If say there is a comfort letter for VLL and one has been promised for Rovers and none has been forthcoming, that would be a resigning issue. I think it far more likely that either KPMG have totally lost any faith in the credibility and trustworthiness of Rovers management to the extent they cannot trust audit evidence or that something has come to light and has done very recently, or both....

The only thing which strikes me as being different between now (and remember VLL accounts have just been signed off and published) and any other recent time during KPMG's tenure at Rovers is the shitfest at FIFA and the fingers pointing at the FIFA marketing deals which happen to have been arranged by people in our own demonology. The FIFA audit is literally an existential crisis for KPMG so they will high powered teams around the globe trawling their audit and compliance files and pulling every conceivable defence together they can 24x7 since Blatter splatted. If they are sensible, EVERY KPMG football related client everywhere in the world will be being reviewed with the utmost thoroughness.

That is just me speculating and putting two and two together.

[Waggy76]

The FBI investigation is still sending ripples around the footballing world ....

Don't Panic Captain Mainwaring !

[1arC]

There is a name and a telephone number on this letter. Does anyone know him and will he speak. I know e have client confidentiality issues here, but it is rather telling, that nowhere other than on this site, is this matter being reported. The Local paper aren't even running a story on it yet. Is this BIG news or a normal, every day event?

[Roverall]

Give him a tinkle mate!

[AllRoverAsia]

i think he was deadly serious

Really?

[1arC]

Give him a tinkle mate!

If I knew him I would. Just calling him as a curious fan, may be met with derision.

[AllRoverAsia]

My understanding, and I hope Philip or MM will correct me if I'm wrong, is a quality accountancy / audit practice of any size will have one ultimate objective, namely to protect its own reputation.

It seems to me this resignation can mean only one thing - KPMG have found evidence of or been asked to "approve," by virtue of signing off the accounts, dealings which KPMG believe threaten their own reputation

To resign must surely mean KPMG are aware of "facts or actions" which don't conform with, at least, best practice and by resigning protect themselves snd flag up to the world questionable practices have taken place which the club won't or can't change.

Either that or KPMG don't believe the owners will provide funds for a going concern qualification but surely it's far too early in the audit process to be asking for that assurance?

Paras 1,2 & 3 I agree with.

If I knew him I would. Just calling him as a curious fan, may be met with derision.

Make the call. Worst sit is a FO

There is a name and a telephone number on this letter. Does anyone know him and will he speak. I know e have client confidentiality issues here, but it is rather telling, that nowhere other than on this site, is this matter being reported. The Local paper aren't even running a story on it yet. Is this BIG news or a normal, every day event?

Come pls - they haven't picked it up yet or just don't want to get banned.

[1arC]

I am sure the local paper are running scared and don't want to ask awkward questions. The reporter is due to leave soon, so I may send him a quick tweet and see what he has to say. In terms of a call the KPMG feel free to do this on my behalf ARA!

[ABBEY]

If dodgy dealings have been found are they duty bound to let say the police/tax people know or can they just quit and the rug gets corner lifted and swept under with the rest of crap ?

Venkys niave ? I don't believe that for one second .

[OJRovers]

I think that the company would be obliged to let its shareholders know the reasons why KPMG have resigned, so let's see if anything comes through in the next week or so.

[Athlete]

If dodgy dealings have been found are they duty bound to let say the police/tax people know or can they just quit and the rug gets corner lifted and swept under with the rest of crap ?

Venkys niave ? I don't believe that for one second .

Niave the crazy thing is people including posters on here still believe they're niave

Venky's out

[1arC]

I think that the company would be obliged to let its shareholders know the reasons why KPMG have resigned, so let's see if anything comes through in the next week or so.

I bet the shareholders will be really annoyed if things aren't as they should be.

[ABBEY]

I would wager the shareholders know though