Skip to content

16 August, 2022

Subscribe Advertise About Us
  • My Account
  • Register
  • Log In
  • Log Out

Board Agenda

  • Governance
  • Strategy
  • Risk
  • Ethics
  • News
    • Categoriess

      • View All
      • Board Moves
    • business transformation

      Business transformation is a priority now, say experts

      As business survival depends on adapting to the changing post-pandemic economic landscape, it's as well...

    • cyber disclosure Are cyber disclosure demands too high?

      Organisations increasingly struggle with cybersecurity as they balance fear of reputational damage against cyber disclosure...

    • News round-up: this week in governance

      PwC fined for BT audit; greenwashing sanctions; cost of living crisis; $300m pay deal; US...

  • Insight
    • Categories

      • View all
      • Governance
      • Strategy
      • Risk
      • Ethics
      • Board Expertise
      • finance
      • Technology
    • short selling investors

      How to beat short selling activism

      What would you do if your company was targeted by short-selling activist investors? Communication is...

    • ESG debate

      The ESG debate needs to be more nuanced

      The issues boards face are rarely straightforward, and ESG is no exception. It is time...

    • AI

      How to ensure governance of artificial intelligence (AI)

      An ISO standard issued this year gives guidance to boards on the governance implications of...

  • Comment
      • View all
    • cyber disclosure

      Are cyber disclosure demands too high?

      Organisations increasingly struggle with cybersecurity as they balance fear of reputational damage against cyber disclosure...

    • global warming ESG is not a ‘distraction’

      We must not let ESG become a scapegoat for the systemic failure of our society...

    • Man with magnifying glass The 30-year itch: time to ditch the UK Corporate Governance Code

      Now that governance has come of age, businesses should be able to innovate within the...

  • Interviews
      • View All Interviews
      • Podcasts
      • Webinars
    • Board members discussing ESG Stakeholder pressure increases urgency on ESG

      Experts say pressure to act on ESG is coming from regulators, investors and a new...

    • Empty boardroom Many executives ‘fail to understand the role and value of boards’

      A recent webinar on board effectiveness discussed the mix of competence and courage required from...

    • Businessman looking at stormy sky Disaster or disruption? Crisis management requires clear definitions

      Identifying and categorising crises, and developing a methodology to deal with them, can help boards...

  • Careers
      • View all
      • Selection
      • Board Moves
    • News round-up: this week in governance

      PwC fined for BT audit; greenwashing sanctions; cost of living crisis; $300m pay deal; US...

    • US boards diversity US boards slow diversity with poor retirement policies

      Only 6% of organisations have term limits for directors, and there is reluctance around mandatory...

    • News round-up: this week in governance

      Tory leadership contest; Grant Thornton fined; Norwegian insider dealing; virtual AGMs; US environmental disclosures; diversity...

  • Resource Centre
      • White Paper Downloads
      • Book Reviews
      • Corporate & Advisory Services
    • Stakeholder Engagement: A Roadmap for UK Plc Boards

      This guide aims to provide directors and their colleagues with advice on how to ensure...

    • Board Duties in Ensuring Company Engagement with Affected Stakeholders

      This guidance note gives a brief overview of the role of corporate boards of directors...

    • C-Suite Barometer 2021

      At the end of 2021, Mazars surveyed over 1,000 executives around the world for its...

  • Events
  • Search by topic
    • Governance
    • Strategy
    • Risk
    • Ethics
    • Regulation
    • ESG
    • Investor Relations
    • Selection
    • Board Expertise
    • finance
    • Technology
  • Magazine
      • View All
      • Sustainability Works
      • Tomorrow's Leaders
      • Renumeration Tightrope
      • Governance Ascendance
      • Sense In Sustainability
      • Invisible Enemies

Quindell restates 2013 accounts

by Gavin Hinks on August 5, 2015

Insurance tech company’s restatement turns 2013 profits into £68m loss after watchdog’s review.

insurance

Image: Shutterstock

insurance
Image: Shutterstock

Restatements by Quindell, the insurance technology provider, have turned profits of £83m for 2013 into a £68m loss.

The restatements follow a review of annual reports by watchdogs on the conduct committee of the Financial Reporting Council (FRC).

The restatements for 2013 come in the annual report for 2014 published today. The adjustments also mean net assets cut from £668m to £446m.

It has also emerged that not all the faults in the company’s financials may have been found.

The FRC said: “The Committee notes that the directors and auditor have reported that it has not been possible, so far, for them to determine that all material errors and omissions arising from historic transactions have been identified.

“The directors have provided the Committee with an undertaking to keep it informed and make such corrections as may be necessary.”

Among many issues Quindell came under scrutiny for revenue recognition related to claims management. This has been corrected, cutting 2013 revenue by £109m and profit after tax by £130m.

Quindell’s other major issue was the accounting related to the acquisition of the company by Mission Capital. This has too has been corrected, to be accounted for as a reverse acquisition.

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • Mail

Related Posts

  • KPMG fined over audit work at Quindell
    June 12, 2018
    KPMG, audit, Big Four

    KPMG has been fined more than £3m and reprimanded for its audit work at insurance outsourcer Quindell.

  • Activism on the rise
    September 7, 2015

    Statistics reveal hedge fund shareholders are more active outside the US.

  • Power to the boards
    July 8, 2016

    The socialist government in France is in the throes of introducing new labour laws, giving company boards greater flexibility to manage their employees.

  • The Bored
    December 23, 2016

    Higgins, our resident cartoonist, turns his attention to boardroom diversity.

For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda

accounting, finance, FRC, Quindell, Technology

Search


Sign up to our Newsletter

Receive independent news, thoughtful journalism & expert insights about leadership, corporate governance & key boardroom issues straight to your inbox every week.

SIGN UP

Follow Us


 

 

 

 

 

Most Popular

  • Twitter drops due diligence bombshell
  • Ben & Jerry’s governance tested in court
  • ESG is not a ‘distraction’
  • The ESG debate needs to be more nuanced
  • How to beat short selling activism

 


 

Featured Partner Profile

Diligent

Diligent

Diligent Corporation, which was founded in 2001, is headquartered in New York, NY with a European HQ in London. Diligent’s modern governance platform empowers leaders and teams at every level of the organisation to digitally transform and create ...

Featured Partner Resources

Board Transformation 2021: Leadership in Transition

There can be little doubt that the global Covid-19...

Digital Boards: How Technology Adoption is Driving Culture Change and Resiliency

Digital tools proved their worth to boards during ...
EQ 2021 AGM Season report

2021 AGM Season: Successful AGMs in the Pandemic and Beyond

With the impacts of Covid-19 hitting just as the s...
Leadership in AI report

Leadership in AI 2021

This report from Board Agenda and Mazars, in assoc...
Creativity in a Crisis: a Boardroom Map for Innovation

Creativity in a Crisis: a Boardroom Map for Innovation

In the uncertain times at the height of any crisis...
Board Directors Guide to D&O Liability Insurance - November 2020 - AIG & Board Agenda

Board Directors' Guide to D&O Liability Insurance

Directors face liability over a range of new threa...
Leadership-in-Risk-Management-Board-Report

Leadership in Risk Management: Board Report

Board Agenda, in association with Mazars and INSEA...
Director's Guide to Internal Investigations

A Director's Guide to Conducting Internal Investigations

An internal investigation must be handled meticulo...

Global Business Complexity Index 2021

The Global Business Complexity Index 2021 provides...

 


 

ADVERTISE – FREE CORPORATE LISTING

FREE - Add your company profile to our Corporate & Advisory Directory.
ADD

ADVERTISE – PROMOTE YOUR REPORTS & WHITEPAPERS

FREE - Add your company profile to our Corporate & Advisory Directory.
Add Resource

Register Free

Register to receive free article views, selected resource downloads, and all the latest news alerts straight to your inbox. Register


  • Editors & Contributors
  • Corporate & Advisory Services
  • Media Marketing Solutions
  • Contact Us
  • Careers
  • Board Director Network
  • Terms & Conditions
  • Privacy Policy
  • Cookies
  • Sitemap
|