Discover and read the best of Twitter Threads about #luceco
Most recents (1)
@retheauditors @premnsikka 1/ UK audit regulator (#FRC) fines #KPMG £1.25m (+ a former KPMG director fined £50k with a severe reprimand) for serious failures in LSE listed electrical product manufacturer/distributor #Luceco’s 2016 #audit (frc.org.uk/news/april-202…). 
2/ Luceco IPO’d on LSE in 10/2016 (130p : £210m mkt cap). Luceco’s long term auditor KPMG ‘triple dipped’ as auditor plus tax & IPO transaction services. Saddled up at Luceco as independent non-exec/on audit committee: Tim Surridge, former partner at KPMG transaction services.
3/ Installed for the IPO, a shiny new CFO, however, the rot had seemingly already set in. Luceco’s 2016 audit report was declared by the FRC as a ‘dud’, but the accounts detailed the rather fabulous level of KPMG’s £1m fees (£116k audit; £857k IPO related; £49k tax & audit).
