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Enhancing Auditor's Contribution to Prudential Regulation - FSA FRC DP

posted May 9, 2011, 8:56 AM by Custodian of Information   [ updated May 9, 2011, 9:04 AM ]

Makar vindicated over Triad probe

posted May 8, 2011, 9:25 AM by Custodian of Information   [ updated May 8, 2011, 9:27 AM ]

By Clay Harris

Published: November 7 2006 02:00 | Last updated: November 7 2006 02:00

Extract:

"Mira Makar, suspended and later dismissed as chief executive of Triad Group after instigating an independent investigation

into accounting issues at the IT services company, has been vindicated."

Full Article : http://www.ft.com/cms/s/2/b8333a48-6e05-11db-8725-0000779e2340.html#axzz1LmLragIc

Links : 

http://www.ft.com/cms/s/2/b8333a48-6e05-11db-8725-0000779e2340.html#axzz1LgSpkXnK

http://www.independent.co.uk/news/business/news/triad-shares-slide-after-it-services-firm-settles-with-sacked-boss-423316.html

http://www.guardian.co.uk/business/2006/nov/07/3

PwC resigned from Triad audit

posted May 8, 2011, 9:17 AM by Custodian of Information   [ updated May 8, 2011, 9:27 AM ]

13 June 2006

Extract:


In issuing its opinion on last year’s results PwC’s said Triad failed to keep proper accounting records as required by the Companies Act.


Full Article :

http://www.accountancyage.com/aa/news/1777866/pwc-resigned-triad-audit


PwC quits as auditor to troubled Triad

posted May 8, 2011, 9:15 AM by Custodian of Information   [ updated May 8, 2011, 9:17 AM ]

Tuesday, 13 June 2006

by Julia Kollewe


“PricewaterhouseCoopers has resigned as auditor to Triad Group, the IT services company that sacked its chief executive, Mira Makar, after she instigated an independent investigation into accounting issues. 

PwC resigned in April, it emerged yesterday, and has been replaced by BDO Stoy Hayward.”

“The loss includes £391,000 of legal fees incurred by the firm when it fought off Ms Makar's attempts to scrutinise its books.”

“Last year's results revealed that in PwC's opinion, Triad had failed to keep proper accounting records as required by the Companies Act.”


Full Article : http://www.independent.co.uk/news/business/news/pwc-quits-as-auditor-to-troubled-triad-482215.html

Triad Group Plc - Final Results 2006

posted May 8, 2011, 9:13 AM by Custodian of Information

PwC resignation notification  in April 2006: 

15 months after January 2005 commitment to re-audit 31 March 2004 balance sheet (signed 27 July 2004) 

without reporting on reasons for removal of adverse report and causing FSA to close enquiry, uninformed of resignation decision 

reporting that there are no matters associated with resignation that should be reported to members and creditors.


Triad Group Plc - Final Results 


RNS Number:3877E

Triad Group Plc

12 June 2006



Triad Group Plc



Preliminary announcement of audited results

for the year ended 31 March 2006



Extract from Chairman's statement:


Change of Auditors


On 5 April 2006 PricewaterhouseCoopers LLP gave notice to Triad Group Plc in

accordance with section 392 of the Companies Act 1985 that they were resigning

as auditors and confirmed, in accordance with section 394 of the Companies Act

1985, that there were no circumstances connected with their ceasing to hold

office which they considered should be brought to the attention of the members

or creditors of Triad Group Plc. BDO Stoy Hayward LLP have been appointed to

fill the casual vacancy and a resolution for their re-appointment will be put to

the next annual general meeting.


Full report : http://www.hemscott.com/news/static/rna/item.do?newsId=34164317865384

Triad exec's suspension in spotlight

posted May 8, 2011, 9:07 AM by Custodian of Information

By Stephen Seawright 12:01AM GMT 01 Nov 2005 


Extracts:


“The Financial Services Authority has examined the circumstances surrounding the suspension of Triad Group chief executive Mira Makar, it emerged at the IT services company's annual meeting yesterday.”

“Ms Makar was suspended as chief executive in February on full pay but remains a director of the company.” 

“Her brother, Ihab Makar, who spoke as a shareholder at yesterday's meeting, claimed that Triad's house broker, Evolution Securities, had wanted to suspend dealings in the stock in February when financial problems arose at the company's IT contracting business in Milton Keynes. “

“He went on to claim that Evolution had told the FSA that "under instruction" from the company the broker had not suspended the stock.”

“An FSA spokesman declined to comment last night.”

“Last night Evolution Securities issued a statement saying: "There was no instruction in February 2005 not to give information to the market." It continued: "We regularly had updates with the company and its other advisers and announcements were made as appropriate."

“Ms Makar claimed to have instigated an investigation into problems with the accounts of Triad's consulting subsidiary Generic in Milton Keynes. She told the meeting: "I have taken vigorous action to investigate and resolve these matters." Mr Rigg said there had been problems with collecting revenues at the business but denied any financial wrongdoing.”


Full Article : http://www.telegraph.co.uk/finance/2925029/Triad-execs-suspension-in-spotlight.html



Triad's suspended chief starts legal action

posted May 8, 2011, 9:05 AM by Custodian of Information   [ updated May 8, 2011, 9:11 AM ]

By Damian Reece, City Editor

Tuesday, 4 October 2005

“Mira Makar, the suspended chief executive of Triad Group, the IT services business with sales of £46.2m, has begun legal proceedings against the company to force disclosure of certain accounting records.” 

“Ms Makar is a 30 per cent shareholder in the business and is demanding an independent investigation into accounting issues at the company. She has instigated proceedings through her lawyers, Herbert Smith. The company announced with its annual results in July that in the opinion of PricewaterhouseCoopers (PwC), its auditor, it had failed to keep proper accounting records as required by section 221 of the Companies Act 1985. The report and accounts have since been signed off by PwC as being compliant with the Act and will be presented at the company's annual meeting at the end of this month.”

“While the chief executive, Ms Makar instigated an investigation into financial and accounting issues in the company's contracting business in December 2004.” 

“A spokesman for the company said…….the accounting issues were now behind the company because it had received "a clean bill of health" from PwC.”

“Ms Makar claims that after issuing legal proceedings on Thursday, a board meeting was called to approve the report and accounts…. “ A statement issued yesterday on behalf of Ms Makar said: "….. the company has not given any indication that it intends to comply with her request for an independent investigation." “


http://www.independent.co.uk/news/business/news/triads-suspended-chief-starts-legal-action-509498.html

Ousted Triad chief seeks independent inquiry

posted May 8, 2011, 8:55 AM by Custodian of Information   [ updated May 8, 2011, 8:59 AM ]

Ousted Triad chief seeks independent inquiry

By Damian Reece City Editor

Friday, 26 August 2005

Extracts:


“The suspended chief executive of Triad Group, an IT services business with sales of £46.2m, has called for an immediate independent investigation into accounting issues at the company. “

“In December she initiated an investigation into certain financial and accounting issues at the company and hired Egan Roberts, a firm of auditors, and Stork, a risk assessment company, to help carry out the investigation.”

A statement issued yesterday on her behalf said: "Shortly after these investigations began to uncover matters of some concern and she had notified the company's stockbroker, the two professional firms were stood down…."

“Its annual results announcement in July revealed that in the opinion of PricewaterhouseCoopers, Triad's auditors, it had failed to keep proper accounting records as required by section 221 of the 1985 Companies Act."

 “She also said the board had been asked to approve the July results announcement without the chairman's statement or company's accounts being circulated to directors before the relevant board meeting.”


Full article : http://www.independent.co.uk/news/business/news/ousted-triad-chief-seeks-independent-inquiry-504302.html


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