{"id":17200,"date":"2023-05-18T11:10:21","date_gmt":"2023-05-18T18:10:21","guid":{"rendered":"https:\/\/essential.construction\/news\/speedy-rules-out-fraud-after-20m-of-kit-goes-missing\/"},"modified":"2023-05-18T11:10:22","modified_gmt":"2023-05-18T18:10:22","slug":"speedy-rules-out-fraud-after-20m-of-kit-goes-missing","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/speedy-rules-out-fraud-after-20m-of-kit-goes-missing\/","title":{"rendered":"Speedy rules out fraud after \u00a320m of kit goes missing"},"content":{"rendered":"

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The hire giant launched a probe in February after a count-up of its kit revealed a \u00a320.4m stock deficit in smaller site items like scaffolding towers, fencing and non-mechanical plant.<\/p>\n

In its latest update Speedy said: \u201cFollowing completion of the investigation the Board has concluded that the issue resulted from problems with the company\u2019s controls and accounting procedures for non-itemised assets over a number of years, and in particular the reconciliation of such counts to the Group\u2019s fixed asset register.<\/p>\n

\u201cThe issue was not the result of underlying systemic fraud perpetrated on the Company by its staff or third parties.\u201d<\/p>\n

It added: \u201cIn addition to corrective action and new controls implemented by management, the Board has agreed a remedial plan to further strengthen the financial control environment for managing non-itemised assets and provide assurance for the relevant accounting values.<\/p>\n

\u201cThis includes additional counts of the assets and new procedures for reconciling those against its fixed asset register.\u201d<\/p>\n<\/p><\/div>\n

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