Category: Accounting software

A major electrical company is investigating after it found "deliberate" irregularities in its financial results.

Hastie has claimed one of its employees was responsible for the error, which could lead to it taking a AU$20 million (£12.4 million) hit, reports AAP.

In order to protect against mistakes - whether genuine or pre-meditated - firms might be wise to invest in accounting software in a bid to ensure accuracy and fairness in their financial accounts.

An irregularity amounting to about AU$3 million was initially uncovered in Hastie's figures for the six months to last December, since when further - and even larger - problems have been realised.

The company has claimed "some current and former senior management may have participated in the irregularities and failed to apply the required standards of financial supervision and review".

Hastie started life as an air conditioning specialist in Sydney but has grown and now works in four areas - refrigeration, mechanical, electrical and maintenance.

Posted by Victoria Browne