Manchester City’s auditors are under pressure following the news of the Independent Commission’s guilty verdicts against the Premier League club, according to a report.
The football world has been throw into chaos by the news that Manchester City have received over 100 guilty verdicts in the case against them brought by the Premier League, relating to financial rule-breaking and a refusal to cooperate with the subsequent investigation into their conduct.
But the wider world is also feeling the effects of the verdict, which City are in the process of appealing.
In the latest example of such, the Financial Times reports that City’s auditors BDO are under intense scrutiny for their work with City over the relevant period.
The Independent Commission found that City deliberately concealed their true finances from BDO, but regulators will reportedly consider whether the audit firm did enough to examine the transactions it was shown.
There are also questions being raised about the nature of audits of football clubs, which the Financial Times points out aren’t subject to the same oversight as listed companies, banks, or insurers. This case perhaps highlights that they should be.
BDO declined to comment, citing professional confidentiality requirements in the audit sector. But they’ve continued to retain City as a client throughout the investigation into the club’s conduct.
While City continue to appeal, there will obviously be some hesitance around the verdicts. But if and when the appeal fails, there will be serious questions to answer, and not just at the club itself.
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