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.
Game (Almost) Over: A Damages Expert’s Perspective on Income Losses in Sport
This article dives into the ever-growing area of personal injury damages in sports and the economic theory behind it. We discuss current and historical cases from the United Kingdom, United States, Canada and the Court of Arbitration for Sport, their applicable judgements, and how a damages expert’s evidence (or lack thereof) can impact the monetary damages an athlete may be awarded.
Secretariat Promotes 64 Professionals Across the Firm
We are proud to highlight these promotions, which exemplify the wealth of experience offered by our global professionals and span across 18 offices: Atlanta, Boston, Brisbane, Chicago, Dallas, Denver, Dubai, Hong Kong, Houston, London, Los Angeles, Mumbai, Munich, New York, San Diego, San Francisco, Toronto, and Washington, DC.
Trump Tariffs Raise False Claims Act Risks as Customs Enforcement Increases
During his 2024 presidential campaign, Donald Trump made tariffs a cornerstone of his foreign and domestic policy. With new 25% tariffs now imposed on Mexico and Canada, along with an additional 10% tariff on imports from China, the threat of additional tariffs against these, and other countries and trading partners, has not subsided. In addition to these measures, President Trump has announced a policy to charge reciprocal tariffs, meaning to tax foreign goods at the same rate other nations apply to American products.