@retheauditors @premnsikka 1/ UK audit regulator #FRC fines #Deloitte £1.25m (£906k) c/w ‘severe reprimand’ over building materials distributor #SIGplc #audit failures. Deloitte’s audit partner Simon Manning fined £50k (£36k) - frc.org.uk/news/december-…. 
2/ Unsurprisingly for this type of business the ‘old chestnuts’ of y/end cash & supplier rebates reared their heads. A whistleblower reportedly ‘identified issues’ at its UK insulation & interiors subsidiary: ‘SIG Distribution’. KMPG were reportedly brought in to investigate.
3/ In 2018 SIG announced “With support from KPMG, the group has completed a review of financial reporting controls at SIG Distribution, which identified no further material accounting cause for concern” + “a number of employees are leaving the business” (insider.co.uk/company-result…).
4/ In 02/2020 SIG’s CEO/CFO both quit amidst an 80% crash in share price. #PatisserieValerie’s former interim CEO ‘Steve Francis’ saddled up at SIG as ‘interim CEO’ & created a shareholder storm 3 months later with a proposal for an additional £375k ‘one off payment’ for himself.
5/5 Getting on for 3 yrs later, SIG announced Steve Francis is to leave SIG, SIG’s share price now at 30p is < half of what it was when he was appointed (amidst share price freefall) interim CEO (02/2020) but 50% higher than 2 months later when he was appointed permanent CEO.
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