By Anthony O. Goriainoff
Victoria PLC said it had identified accounting issues at the Hanover Flooring highlighted by the company’s auditor and allocated additional finance resources to ensure adequate accounting records and internal controls are maintained.
The U.K.-based flooring-products maker said Friday that the issue in question was mostly related to its subsidiary having a heightened financial risk stemming from inadequate accounting records associated with no more than 400,000 pounds ($488,200) of customer receipts.
The board said there wasn’t any wrongdoing at Hanover that would affect its financial statements and that the auditors hadn’t alleged this.
The company said that its strong outlook had been overshadowed over the course of the week by the “considerable reaction to our auditor’s qualified opinion deriving from incomplete accounting records” at Hanover Flooring.
“From the extensive work undertaken by ourselves and a ‘Big-Four’ accounting advisor, we are very clear that all payments due have been received, no money is unaccounted for and Victoria has suffered no loss. We are also very clear that there are no other such concerns across the rest of the group and our auditors have confirmed that these accounts give a true and fair view of the company,” Executive Chairman Geoff Wilding said.
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