FCA fined Wood Group GBP 13 million over inaccurate FY22, FY23 and HY24 results
John Wood Group PLC · Listed engineering and consulting services
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Operating-metric verification
Project cost-to-complete and savings estimates would be tested against actual project progress.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Governance signals
Pressure to maintain stated results and weak control over judgements would show in governance reviews.
Can mislead when: Private companies file late, so these signals are lagging. Kubr uses them to support other flags, not to prove anything alone.
Books edit log
Late journal entries releasing provisions would appear in the books edit log.
Can mislead when: Logs can be disabled at database level (auditors qualified this in year one) or tampered with on export. Kubr needs the company to cooperate.
Third-party confirmation
Customer confirmations of project balances would test the debit amounts held.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Where Kubr services would have helped
Valuation context
Offered in India- C11 Pressure to maintain stated results and weak control over judgements would show in governance reviews.
Financial diligence
Offered in India- C10 Project cost-to-complete and savings estimates would be tested against actual project progress.
- C12 Late journal entries releasing provisions would appear in the books edit log.
Portfolio monitor
Offered in India- C10 Project cost-to-complete and savings estimates would be tested against actual project progress.
- C11 Pressure to maintain stated results and weak control over judgements would show in governance reviews.
Verified Snapshot
Offered in India- C11 Pressure to maintain stated results and weak control over judgements would show in governance reviews.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.