Page 12 - Fake Ruby Teaching guide

Ashgates appear to have simply accepted the word of

Wrekin’s management that the stone was truly valued at

£11 million. The question is – would a
national/international accountancy firm have been so

ready to accept such assurances? The answer is probably -

No! and this may be the reason that the auditors were

replaced.

The timing of the Wrekin acquisition could not have been

worse, occurring just as the financial crisis began to take

effect. Contracts dried up as construction was put on hold

or abandoned. The result was that instead of being a
potential cash cow, Wrekin rapidly moved into the dog