RE: Full article6 Jul 2025 09:53
Pt2 of FT article.
Separately, Wood’s finance chief Arvind Balan, who joined the company in April last year, resigned in February after admitting misstating his accounting qualifications.
The FRC can review a company’s reporting to the market if it feels that the published information does not comply with legislation. If it finds a problem, the regulator can then write to the group’s chair.
In the case of Wood, the FRC reviewed its reporting three times, two of which led to such a “substantive” exchange of letters regarding Wood’s 2017 and 2022 accounts, according to the regulator’s website.
Wood came under particular scrutiny from the FRC for not including $54.5mn of currency-related changes in its 2022 “statement of comprehensive income” despite the figure being included in a separate statement that tracks movements in shareholders’ equity.
Wood acknowledged the error and agreed to restate the statement of comprehensive income, the FRC’s summary said. It also promised to enhance its disclosures around so-called liquidated damages, in response to a separate FRC criticism the same year.
In its 2022 annual report, Wood said the change was “deemed not to be material by the directors”. No FRC summary is available for the exchange over the 2017 accounts.
The company’s own annual reports also reveal questions raised by its directors.
The 2023 report details that the audit, risk and ethics committee held a review over an “unsatisfactory group audit and risk report”.
The 2022 annual report mentions the same committee held a “review with senior business leadership of an unsatisfactory audit report in the projects business unit and actions taken”, along with a similar issue in the consulting business unit.
Wood, the FRC and the FCA declined to comment.
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