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[Archived] Venkys wield the axe again

unsall

By unsall
in Football Messageboard Archive

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tony gale's mic World Cup

tony gale's mic

Posted
Posted

Speaking as someone who has been against almost everything Venky's have done, this doesn't worry me greatly, but I do think it's a shame to have ditched people who have served the club well for over a century.

unsall Uefa Europa League

unsall

Posted
  • Author
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So what's your opinion on that news unsall?

Suppose it's not a big deal,just seems a shame they seem to be changing a lot more things down at Ewood than we thought they would,lets hope this change is for the better......

Glenn World Cup

Glenn

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wasn't this mentioned a couple of weeks ago by someone?

Indeed, Barclay's loan thread maybe and the story then was the existing accounted had run away screaming, rather than replaced.

Al World Cup

Al

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KPMG are global not local and the way I heard it was that the current auditors resigned.

modes98 World Cup

modes98

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the way I heard it was that the current auditors resigned.

That makes me feel a lot better.

I don't see what damage they can do. A positive step at least.

Paul World Cup

Paul

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For me this would be the first piece of positive news under the Rao family. I was concerned when our existing accountants resigned but if this was a face-saving move to allow for KPMG's appointment that seems OK.

A pity fir the local firm and does take something away from the local community though.

philipl World Cup

philipl

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Marple leaf broke this more than a week before this story appeared in the LT.

On balance this is very good news although I feel very sorry for the local firm that has lost such a long standing client and the costs will have gone up.

KPMG as part of their audit risk assessment will be reading through the recent press and for sure they will see reference to the Premier League's unease over the conduct of Jerome Anderson and Venky's. They will most certainly have required written assurances as part of their client engagement letter that the club is fully compliant with all football regulations on third party influence, conflicts of interest and employment of agents. If I were KPMG I would also have included a clause on compliance with the betting regulations.

Also as part of the audit risk assessment KPMG must have looked at the League table and required some very real action by Venky's with regards to Rovers not facing administration were we to be relegated. Birmingham City's accounts were qualified because they had no financial plan in the event of relegation so Rovers MUST BE NOW FINANCIALLY SECURE IN THE EVENT OF RELEGATION for KPMG to have accepted the appointment.

The final piece of very good news is that KPMG will be very conscious that Rovers are a £60m turnover company of regional importance and global significance. They would therefore have vetted all the existing directors and the Chairman search to make sure they were comfortable with the client they are taking on. This means the risk that Paul Agnew will be appointed Chairman must be lessened or he has attributes which are far from visible.

PAFELL World Cup

PAFELL

Posted
Posted

Marple leaf broke this more than a week before this story appeared in the LT.

On balance this is very good news although I feel very sorry for the local firm that has lost such a long standing client and the costs will have gone up.

KPMG as part of their audit risk assessment will be reading through the recent press and for sure they will see reference to the Premier League's unease over the conduct of Jerome Anderson and Venky's. They will most certainly have required written assurances as part of their client engagement letter that the club is fully compliant with all football regulations on third party influence, conflicts of interest and employment of agents. If I were KPMG I would also have included a clause on compliance with the betting regulations.

Also as part of the audit risk assessment KPMG must have looked at the League table and required some very real action by Venky's with regards to Rovers not facing administration were we to be relegated. Birmingham City's accounts were qualified because they had no financial plan in the event of relegation so Rovers MUST BE NOW FINANCIALLY SECURE IN THE EVENT OF RELEGATION for KPMG to have accepted the appointment.

The final piece of very good news is that KPMG will be very conscious that Rovers are a £60m turnover company of regional importance and global significance. They would therefore have vetted all the existing directors and the Chairman search to make sure they were comfortable with the client they are taking on. This means the risk that Paul Agnew will be appointed Chairman must be lessened or he has attributes which are far from visible.

Would this also mean the KPMG must also know / believe that venkys are ok financially and can finance the club in case of relegation or would that be a seperate issue.

Kelbo World Cup

Kelbo

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I have no reason to doubt Philip on this one as I understand he is well versed in these areas, indeed, it appears as though we would be fine in the event of relegation and therefore should be able to regroup.

Al World Cup

Al

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Although I don't know for sure I would say that KPMG are probably the accountants for the rest of the Venky's businesses so it would be a logical step (the first one?) to appoint them for Rovers as well. Seems reasonable to me.

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