[The Great One]

Hi

There is an excellent piece in the Sunday Times today on Connaught.

Martin

[murky]

I am sure someone over on the general cleaning forum mentioned them being in trouble earlier in the year, couldnt get paid or were very slow in being paid.

I was asked to do some carpet repairs after their plumbers had damaged carpets while installing new boilers in town near me but after reading that I declined the work. Glad I did now.

Murky

[elliott cleaning]

Martin

The article in the S/T just goes to show how auditors can be persuaded by forceful management & the fear of loosing an account, to accept over-creative accounting.   To the extent that even the city was fooled for some time.
At the end of the day Price Waterhouse Coopers will get an admonishment - having collected their not insubstantial fees & the company's suppliers & contractors will walk away out of pocket - let alone the share holders who rely on auditors reports

[martin19842]

hi there

the pressure on the accounting mechanisms is sometmes created by the clients tendering guidelines,

the client may determine that a potential supplier needs a set of accounts that show a company of a particluar size ad stature to be able to carry out a contract of a set value.  therefore the accounting policies are adopted to create that situation,

we look at small tenders, and have recently worked for Wates, and as part of the process, there questionnaires want full dislcosure about the business, so they can determine whether yout fnancial base is capabale of the work you are bidding for.

the councils and social housing companies have ben driving prices down and down to the detriment of the client, and the supplier, irrespective of the trade involved.  they have then written into their budgets, connaught contrat values.  they have now gone, and new suppliers will enter the market, BUT some have already said they will only contract at the correct price point.  this will then apply an upward pressure to their budgets, which at the same time are facing cuts in the spending review.

all round a mess !!!

regards

martin

[Doctor Carpet (Ret'd)]

three accountants applying for the same job. All were told that they all had identical qualifications and experience. They were each to be asked the same question one at a time and one would be chosen.

The question: what is 2+2?

First accountant's answer "Four"

The second " the answer definitley lies between 3 and 5"

The third "What answer would you like?"

Guess who got the job?

[Shaun_Ashmore]

Old ones are the best Rog

Sitting in a compartment on a train were the tooth fairy, an expensive accountant and a cheap accountant. On a table between them was placed a briefcase full of money.

Suddenly the train entered a tunnel and everything went dark. When the train exited the tunnel and the light returned, the briefcase was gone.
Who took the briefcase?...

Well, it's obvious really. It had to be the expensive accountant as there's no such thing as the tooth fairy or a cheap accountant!

Shaun

[John Kelly]

Unfortunately this downward spiral of rate cuts is affecting many sectors. The insurance industry is another example. The big companies are now hiring procurement companies to do their bidding and it is becoming rediculous. One big franchise is now cleaning carpet and upholstery on hourly rate, £18 per hour. One example I was told last week was cleaning 3 carpets after a minor fire - £38
Absolutely rediculous. It doesn't represent one iota of the risk involved. You could be working on a 6k suite and get £38. I can't understand why they are doing it.
Also a lot of the building companies are telling me they are wasting time attending site, doing a full spec then being told the loss adjuster has cash settled.
I am hearing more and more things each day in the media and to be honest I am fearful of what is going to happen next year. Speaking to a mate last week who's sister is a policewomen. She told him they are all having extra intensive riot training because of perceived civil unrest.

[The Great One]

Hi

Now this has happened it makes you wonder what else will turn up?

Is connaught just the tip of the iceberg?

Martin

[jasonl]

I dont know , but no-one is getting more than a grand in credit from me!

[Fintan_Coll]

Things will get worse I'm afraid.

[wynne jones]

I'm buying candles in bulk to sell over the winter of discontent. When you got lemons .......

The cuts will lead to loads of 'safe' jobs going in the public sector. Police, firemen, nurses. They account for a third of most of peoples work I suspect.

Unless you specialise in city broker penthouses, expect a rough ride.