CFU Information Update - Audit of CUFC Accounts 2017/2018

Audit of CUFC Accounts 2017/2018

At the end of June, there was announcement by the club's Director of Business, Shaun Grady, that a full audit of the 2017/2018 accounts would be carried out and that Cambridge Fans United would be involved in developing the scope and content of the audit. This followed on from the unanticipated heavy losses reported for the year 2016/2017 and extensive concerns voiced by shareholders at the club's annual meeting.

CFU has been working with financial experts to identify a range of areas which were felt it would be important to to examine, in detail, as part of the audit and a comprehensive list has been shared with the club, in advance of the audit commencing.

CFU representatives met with the club's Finance Director Duncan Foyle, Director of Business, Shaun Grady, and lead auditors from Price Bailey, who have been engaged to undertake the audit, earlier this week.  The auditors remit is wide ranging and, whilst the audit can only report on the accounts for the year ended in June, part of that will include examination of financial process within the club, to ensure that the Board of Directors has all the relevant information it needs for the effective management of the club in the in the future.

Robert Osbourn