 Michael and Paul (MP plc)Vivien Beattie, Stella Fearnley and Richard Brandt Chapter 7 in Behind Closed Doors, 2001, pp 115-150 from Palgrave Macmillan Abstract: Abstract This group was a very large international manufacturing company with substantial cash resources. The accounting function was well managed and there were a number of city luminaries on the board. The financial reporting culture within the group was conservative. Because of the group’s status in the market, the board did not wish to attract criticism of any kind for its accounting policies. The group had an in-house treasury function to manage its funds and hedge its foreign currency transactions. Paul, the lead audit engagement partner, had in the past raised concerns about the organisation of the group’s treasury activities. As the treasury function was growing it was becoming a more important issue and Paul raised the matter again. His concerns were supported by Michael, the group chief accountant, and the finance director, Joe. Michael was our interviewee. The matter was discussed by the audit committee and the main board and after some debate the treasury activities were restructured. Keywords: Audit Committee; Chief Executive; External Auditor; Debt Covenant; Accounting Issue (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59941-3_7 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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