Investigation launched into Deloitte's handling of Serco's accounts following criminal tagging scandal

The Financial Reporting Council (FRC) has launched an investigation into the way accountancy firm Deloitte handled accounts for Serco, after the Serious Fraud Office (SFO) passed on papers linked to failed criminal tagging contracts.

The FRC said this morning that it has begun an investigation into the “preparation, approval and audit” of Serco’s financial statements over a two-year period, from January 1, 2011 to December 31, 2012.

“This decision follows information received from the Serious Fraud Office which is conducting an investigation into Serco’s electronic monitoring contracts in respect of England and Wales,” the FRC said.

Details of problems with Serco’s handling of a Government contract to fit offenders with electronic monitoring tags emerged in 2013, amid allegations of overcharging.

The outsourcer, along with rival firm G4S, was allegedly found to have been billing the Government for tagging prisoners who were either dead or in jail...

http://www.telegraph.co.uk/business/2016/06/08/investigation-launched-into-deloittes-handling-of-sercos-account/

Treasury officials wined & dined by arms giants & ‘rogue banks’

Treasury officials regularly accepted invitations to lavish dinners with lobbyists for banks that were being investigated for market rigging, a new report has found.

The explosive research, which was conducted by the National Audit Office (NAO), was published on Tuesday.

It reveals that banking lobby the British Bankers’ Association was a frequent provider of hospitality to senior Treasury officials, despite the fact some of its members were being investigated by UK authorities for market rigging.

Arms manufacturer BAE Systems and auditing giants Deloitte and PricewaterhouseCoopers (PwC) were also frequent providers of gifts and hospitality. Because each of these organizations supply services to government, the NAO said such patterns of gift giving could create conflicts of interest...

https://www.rt.com/uk/331850-state-officials-gifts-hospitality/