back to article Phoenix IT Group fesses up to 'accounting irregularities'

Phoenix IT Group has suspended a business manager amid a probe into accounting irregularities that the firm reckons will result in £14m being wiped from net assets. The listed IT services group revealed in a statement to the London Stock Exchange this morning that it has named PwC and Nabarro LLP to "carry out independent …

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  1. nematoad
    Headmaster

    Oh?

    "PwC and commercial law firm Nabarro LLP are pouring through the books "

    I think you must mean "poring through the books" or do you mean that they are flooding the place with forensic accountants?

    1. Lee Dowling Silver badge

      Re: Oh?

      Most probably looking for some liquid assets.

  2. Anonymous Coward
    Anonymous Coward

    Big Gov overseas IT Outsourcer uses dodgy accounting

    And where is there news in this?

    Try going through the books of a few List X companies, how do you think they find all the brown envelope cash for the politicians?

    1. The Mole

      Re: Big Gov overseas IT Outsourcer uses dodgy accounting

      The news is the fact that they have admitted to it.

      1. Anonymous Coward
        Anonymous Coward

        Re: Big Gov overseas IT Outsourcer uses dodgy accounting

        usually do that just before the investigation is officially announced, look at PWC

  3. The Godfather
    Coat

    Painful

    This will hurt more than expected.....

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