Speedy Hire boss quits over £5m accounts hole

Steve Corcoran, the chief executive of building equipment supplier Speedy Hire, has resigned following the discovery of a £5m hole in the company accounts.

The finance director of the company’s international division, which operates mainly in the Middle East, has also been suspended after the accounting irregularities were unearthed.

Following recent management changes in the international division, it uncovered “the mis-statement of a number of accounting balances” within the unit. Some control process within the division had been “repeatedly and deliberately circumvented,” it added.

The £5m issue will...

Continued...

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Comments

Presumably now to be renamed...    1 thanks

andrew.hyde | | Permalink

...Speedy Exit

Auditors?

asillahi | | Permalink

Wonder what the auditors were doing in the last couple of years? Maybe they thought the hole was below materiality level.

Doing his duty    5 thanks

moneymanager | | Permalink

At least he fell on his sword.

If he had been one of the great and the good (e.g politician, HMRC head etc) he would have protested his innocence/excellence, been handsomely awarded and the sword probably used to dub him instead.

 

 

SJH-ADVDIPMA | | Permalink

 

 

Inadequate management control systems, bring companies down, but time and again, proper controls are allowed to become dysfunctional, usually following re-organisations, hiring and firing for efficiency, its like the senior people think pixies and fairies somehow keep the integrity of controls going no matter what they throw at an organisation.  Senior management teams should be intimately aware and regularly review the fit for purpose status of their management control systems.  Emporers clothes is a common problem, does really make you wonder about the justifications for high earners.