Citizens Advice treasurer admits he quit over pension deficit 2

Finance | Tania Mason | 19 Sep 2011

Mike Weaver, the ex-treasurer at Citizens Advice, has admitted that he quit the role after just two months because he did not agree with the way the charity treats its pension liability in its accounts.

Weaver is a highly-experienced accountant who has previously been president of CIPFA as well as treasurer of West Mercia police authority, Hereford and Worcester combined fire authority, West Midlands regional museums council and the Hereford and Worcester probation and magistrates’ court committees.

He joined Citizens Advice in May this year but stepped down in July because he disagreed with the charity’s refusal to include a provision for its pension liability on its balance sheet.

Baker Tilly, the charity’s auditors for the past four years, announced at the charity’s AGM last week that it will not stand for reappointment to the audit account after the latest financial accounts are signed off. Baker Tilly has qualified the accounts since 2007/8 because of the pension issue and is expected to do so again this year.

Mike Weaver told civilsociety.co.uk today: “In light of the different interpretations over the pension issue, I felt that if I couldn’t own the decision it was sensible to step aside. It would have been my responsibility to be one of the co-signatories to the balance sheet and if there are different views about how to apply FRS17 and FRS12, I felt I didn’t own that interpretation.”

He was aware of the position regarding the auditors’ continued qualification and became treasurer anyway because “I wanted to understand what the rationale was about the accounting treatment and the stance the auditors were taking and the stance the organisation was taking”. But in the end he concluded that “disclosure on the balance sheet was the best way forward” and so felt he could not stay in the role.

Asked whether there were any lessons in the situation for other charities, Weaver said: “The issues around defined benefit schemes are well understood and I don’t think grandma needs to be taught how to suck eggs.”

Directory: Citizens Advice

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Stolen
20 Sep 2011

Domino effect in the sector or isolated event?

Domino effect, I think, as most auditors are in the passage where one eye can be safely closed.

[Reply]

Stolen
20 Sep 2011
Response to [Stolen]

CORRECTION

Domino effect in the sector or isolated event?

Domino effect, I think, as most auditors are near to the end of the passage where one eye can be safely closed.

[Reply]

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