PwC Resign As Wasps' Auditors Over "Falsified Accounts"

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29 June 2018

Various media have reported that accounts giant, PwC have resigned as the auditor for the Wasps Holdings Ltd. which owns Wasps Rugby, the Ricoh Arena in Coventry and Wasps Netball team, after saying it had been "provided with evidence which our testing revealed to have been falsified".

In a letter published by Companies House, PwC said that it would not be "appropriate" that it continues to fulfil the role for Wasps Holdings. PwC has now been replaced by Mazars.

The letter said: "The reason we are ceasing to hold office is that, as set out in our audit report on the financial statements of Wasps Holdings Ltd for the year ended 30 June 2017, during the course of our audit we were provided with evidence which our testing revealed to have been falsified.

"Given the seriousness of these events, following completion of our audit, we do not consider it appropriate that we continue as auditors."

In the accounts, Wasps Holdings' directors said it was an "isolated instance" and "consider that the measures put in place provide additional controls to prevent such an occurrence."

Wasps was also criticised by the auditors over "falsified" information concerning a financial irregularity that saw the accounts delayed by more than three months.

Wasps had overstated its earnings after declaring a £1.1million cash injection from “ultimate shareholder” Derek Richardson as revenue instead of as a capital contribution.

See also...

Wasps Fined For Salary Cap Over-Run

Wasps Report Increased Turnover And Reduced

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