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Michael and Paul (MP plc)

In: Behind Closed Doors

Author

Listed:
  • Vivien Beattie
  • Stella Fearnley
  • Richard Brandt

Abstract

This group was a very large international manufacturing company with substantial cash resources. The accounting function was well managed and there were a number of city luminaries on the board. The financial reporting culture within the group was conservative. Because of the group’s status in the market, the board did not wish to attract criticism of any kind for its accounting policies. The group had an in-house treasury function to manage its funds and hedge its foreign currency transactions. Paul, the lead audit engagement partner, had in the past raised concerns about the organisation of the group’s treasury activities. As the treasury function was growing it was becoming a more important issue and Paul raised the matter again. His concerns were supported by Michael, the group chief accountant, and the finance director, Joe. Michael was our interviewee. The matter was discussed by the audit committee and the main board and after some debate the treasury activities were restructured.

Suggested Citation

  • Vivien Beattie & Stella Fearnley & Richard Brandt, 2001. "Michael and Paul (MP plc)," Palgrave Macmillan Books, in: Behind Closed Doors, chapter 7, pages 115-150, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59941-3_7
    DOI: 10.1057/9780230599413_7
    as

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