Serious financial problems at Woking Council have resulted in the launch of a major investigation into the work of former senior accountants
After debt grew from £400m to £1.8bn between 2017 and 2022, and various damning audit reports were published last year, now the accounting regulator, the Financial Reporting Council (FRC) has launched an investigation into former accounting staff at the council, including the chief financial officer.
Although Woking Council’s investment strategy began in the early 2000s, the FRC will focus on the period between 2017 and 2023.
Several former staff members of the council were mentioned in the latest Grant Thornton audit report, however the FRC has said ‘the investigation does not relate to any persons or entities other than the relevant individuals and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities’.
The decision to investigate was taken on 17 December 2024 after Woking councillors admitted to ‘systemic failings’ at a council meeting on 20 November 2024.
The two individuals are understood to have held very senior finance jobs at the council and the FRC will investigate their compliance with governance, reporting regulations and professional standards, with a view to possible misconduct and breaches of the Code of Ethics for accountants.
The investigation is being conducted under the FRC’s Accountancy Scheme and will be overseen by the FRC’s Executive Counsel.
Councillor Ann-Marie Barker, said: ‘Since the council fully accepted the recommendations of the independent Grant Thornton public interest report, external, Government-appointed commissioners overseeing WBC's financial recovery have been liaising with relevant professional bodies.
‘As a result, the FRC has confirmed investigations into the conduct of two former employees.
‘Woking residents deserve complete transparency and for those responsible for the borough's financial issues to be held accountable.
‘We will therefore do whatever we can to assist the FRC in their investigations.’
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