Baker Tilly Audit to Be Scrutinised by AADB
There is a new investigation going on Baker Tilly’s audit of Tanfield Group. This group actually manufactures commercial electric vehicles and aerial work platforms in North East England the investigation is being carried by The Accountancy and Actuarial Discipline Board also knows as AADB.
AADB is also a part of Financial Reporting Council and is basically examining the work in relation to the preparation. It is also reviews the financial statements for the years ended 31 December 2007 and 2008.
AADS is not planning to investigate everything but will mainly focus on the valuation of certain assets on Tanfield Group’s balance sheet. These assets also include goodwill and similar assets of the powered access division. It is also checking whether the impaired provisions of 2008 were recognized in the previous accounting period.
AADB said it clearly that it will not be investigating the financial statements for the year ended 31 December 2009 as these statements are not in the scope of the investigation.
The decision to investigate and launch inquiry was taken after the full consultation with ICAEW and Institute of Chartered Accountants of Scotland.
FRC also gave statement and said that the investigation is mainly concerned about the issues related to past set of accounts of 2007. The investigation will be carried out thoroughly by AADB for the two years mentioned earlier.
AADB is still not willing to thoroughly examine all the financial statements but will mainly focus on the prominent subjects of financial statements of this manufacturing Group.