The year-end financial reporting process of a British university identified financial irregularities that prevented the completion of its statutory audit. The absence of a signed-off audit by the submission deadline would have breached financing covenants resulting in the university defaulting on its finance agreements.
The university’s finance manager confessed to having embezzled funds over a 30-year period but would not provide the details as to how the fraud had been concealed, where it sat within the accounting system, or the value of the fraud. The investigation required a forensic review of the accounting system for suspicious transactions together with an understanding of the accounting processes in place which could have been subverted to allow the fraud to be disguised. Ultimately transactions running into the millions of pounds were identified within an array of creditor balances that accounted for much of the fraud.
The findings of the investigation allowed the external auditors to correct the financial statements to provide an accurate position of the university’s financial position which, in turn, ensured compliance with the finance agreements. In addition, the findings were used by the police to secure the conviction of the finance manager and to freeze assets which were subsequently recovered for the benefit of the university.
Secretariat’s Norman Harrison and Ben Boorer, together with Taylor Wessing attorneys Natasha Zahid and Mohammed Tartir, dive into the latest whistleblower issues and trends across the US, Europe, and the Middle East in their article, “When the Whistle Blows.”
Secretariat Experts Contribute to “2024 Annual Review of Antitrust Law Developments”
Secretariat team members Stuart Gurrea, Jéssica Dutra, Wei Tan, Pablo Varas, and Noah Case have contributed to “Chapter I — Restraints of Trade” in the recently published “2024 Annual Review of Antitrust Law Developments” from the ABA Antitrust Law Section. Michael Koenig contributed to “Chapter VIII — Civil Government Enforcement”.
Norman Harrison Named as 2025 Top Consultant by Consulting Magazine
Secretariat is proud to celebrate Norman Harrison’s recognition as a 2025 Top Consultant for Excellence in Regulation and Compliance by Consulting Magazine. This prestigious honor highlights his exceptional contributions to the consulting profession, particularly in helping clients navigate complex regulatory landscapes and ensuing investigations and disputes, as well as resolve compliance issues in highly regulated industries.