IT distribution giant Tech Data has ripped up its financial results for the last three years after discovering errors in its UK subsidiary's accounts. The company revealed this morning it will recalculate the figures and publish new reports as a result of uncovering mistakes in "vendor accounting" by its Brit biz Computer 2000 …
How can anyone not notice that there's £27000000 less in the bank account, than is being displayed in Quickbooks?
they probably do, but assume it's the bank that's at fault and not themselves
Re: Aqua Marina
Maybe they had Mike Lynch in to do their books.....
heads may roll...
This is not good news and a real surprise. Always found it striking however how some worked in one way and others in other ways when actually covering the same ground, topic or accounting principle.
Re: heads may roll...
... they have already started to roll.
...no one ever makes these kinds of mistakes the other way round, do they?
You never hear about someone miscalculating and suddenly discovering they've made 21 million more than they thought.
is that just Murphy's Law in action? or skulduggery afoot because the bean counters were hoping the numbers would come right before they had to fess up to their error?
Who discovered what?
Reading between the lines and I think its more a case of "HMRC discovered irregularities and we jumped to get THE other account books out fast before we spent time in her prisons"
Re: Who discovered what?
Shame the logic doesn't stack up, reporting too high a profit just means they would pay more corporation tax to HMRC which isn't a problem. More likely they've been fudging the results to hit their bonus targets ...
"whoops, we lost £21m down the sofa" ... I can imagine getting 10k, maybe even 100k adrift on a big company (depreciation calculations, things like that) - but even on an NHS/government scale, £21m is a big accounting hole to explain.
I got quite worked up enough when the last quarter was about £300 out (couple of misplaced expenses forms)!