Page 752 - The Case Lab Book
P. 752
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
