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Carillion Crisis
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Old 22-02-2018, 08:42   #46
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Re: Carillion Crisis

It will all get repeated when Capita goes..
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Old 22-02-2018, 08:50   #47
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Re: Carillion Crisis

Exactly as they can dress it up in bright and shiny new clothes but the deep fault lines still remain the same.
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Old 04-03-2018, 05:57   #48
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Re: Carillion Crisis

An unpublished report, commissioned by the board of the collapsed construction firm Carillion four months before its liquidation, has been released by MPs.

Quote:
The report, by independent consultants the firm hired, suggested Carillion had "aggressively managed" its balance sheet to make accounts look better.
Quote:
To help with cashflow, Carillion quadrupled payment terms on its subcontractors from 30 days to four months.

Some of those subcontractors now face bankruptcy.
www.bbc.co.uk/news/business-43275605

https://www.telegraph.co.uk/business...ings-finances/
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Old 16-05-2018, 06:50   #49
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Re: Carillion Crisis

'Recklessness, hubris and greed' not my words but the words of the select committees.

Quote:
Carillion collapsed as a result of “recklessness, hubris and greed” among directors who put their own financial rewards ahead of all other concerns, according to an excoriating report into the firm’s demise that spreads the blame between board members, the government, accountants and regulators.
https://www.theguardian.com/business...slammed-by-mps

https://www.theguardian.com/business...-and-its-board
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Old 16-05-2018, 08:35   #50
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Re: Carillion Crisis

http://www.bbc.co.uk/news/business-44129678

Not just the Carillion bosses.

Quote:
The two select committees also attacked the big four accounting firms for approving Carillion's accounts despite its spiralling debts.

They said Ernst & Young was paid £10.8m for "six months of failed turnaround advice", while Deloitte received £10m to be Carillion's internal auditor, but was either "unable or unwilling" to identify failings in financial controls, or "too readily ignored them"
Quote:
They also said KPMG had failed to question Carillion's financial judgements, while PwC was "continuing to gain" as its official receiver "without adequate scrutiny".

Ms Reeves said the competition authorities should consider breaking up the big four accountancy firms "to help increase competition and deal with conflicts of interest".
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Old 16-05-2018, 09:57   #51
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Re: Carillion Crisis

Outsourcing, nearly always a bad deal for the tax payer.
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Old 16-05-2018, 10:00   #52
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Re: Carillion Crisis

Quote:
Originally Posted by Mr K View Post
Outsourcing, nearly always a bad deal for the tax payer.
But governments now and before keep telling us all how good it is Mr K.
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Old 16-05-2018, 10:39   #53
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Re: Carillion Crisis

The real problem IMO is those doing the outsourcing contracts don't do the cost - benefit analysis properly so poor deals seem to be the norm.

As for those who should have been keeping tabs on these companies:

Quote:
Quote from Politics Home:


Rachel Reeves, chair of the Business, Energy and Industry Strategy Committee meanwhile trained her fire on audit firm KPMG, which vetted Carillion’s accounts for almost two decades before its collapse.

She said it and other members of the so-called 'Big Four' group of accounting giants - PwC, Deloitte and EY - should be "in the dock for this catastrophic crash".

Ms Reeves warned: "They are guilty of failing to tackle the crisis at Carillion, failing to insist the company paint a true picture of its crippling financial problems. The sorry saga of Carillion is further evidence that the Big Four accountancy firms are prioritising their own profits ahead of good governance at the companies they are supposed to be putting under the microscope.”

The committee is urging the Government to refer the accounting giants to the Competition and Markets Authority or risk “a crisis of confidence in the audit profession”.
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Old 16-05-2018, 19:32   #54
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Re: Carillion Crisis

Shocker the financial services industry doing a lousy job and making profit as they fail upwards.
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Old 16-05-2018, 20:09   #55
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Re: Carillion Crisis

Now we have the East Coast rail-line train operators fiasco... Chris Grayling taken it back into government control.... Privatization seems to have failed here as well...
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Old 16-05-2018, 21:01   #56
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Re: Carillion Crisis

Public and private in the current state is not working we need to find a third effective way for our essential services and we also need to reduce the power of the financial sector or at the very least have true accountability with real punishments for anti customer performance. The big four accounting companies don't care right now as there is little in the way of real consequences when they act negligently or illegally and until someone's head is on a real block they won't change they will just pass client's around between them.
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