SSL auditor inflated corporate profits

ERJ staff report (DS)

London — Auditors of the condom manufacturer SSL have been fined for incorrectly over-stating SSL’s sales and profits around 10 years ago. The auditor, Arthur Andersen has since gone into liquidation.

A Joint Disciplinary Tribunal has fined AA £75 000 (Euro 80 000) for the breach of regulations and ordered the company to pay costs of £100 000 (Euro 108 000).

An investigation disclosed that in some of the sales claimed by SSL (or SSH), ownership had not passed to the customer,…

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