University of Luton investigating actions of its former auditors

May 30, 1997

The University of Luton is investigating the actions of its former auditors, Ernst & Young, after discovering a hole in its finances of more than Pounds 1 million.

Vice chancellor Tony Wood said: "Advice received from our previous auditors is under discussion by the governors and we are still in dialogue with them. We are taking advice on the matter." Ernst & Young audited the university's accounts until last summer.

Dr Wood blamed a combination of poor internal accounting and underfunding for financial problems which will force the university to save more than Pounds 1.3 million next year and make 49 staff compulsorily redundant.

Staff passed a vote of no confidence in Dr Wood by 556 to 41 last week. Dr Wood said the vote was not valid.

An Ernst & Young spokesman said it was not company practice to comment on individual auditing jobs.

* Opinion, page 9

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