The RICS extended its overdraft facility without informing the management board Levitt said the controversy over the critical report by accountants BDO into the RICS's finances began at a management board meeting in December 2018. Within papers for that meeting, it was announced that it had been necessary to extend the RICS's overdraft facility from £4m to £7m for a 45-day period because of inaccurate cash flow forecasting. When members of the board expressed concern that they had not been made aware of this earlier, Violetta Parylo, then the RICS's chief operating officer who resigned in June this year, promised that there would be no surprises of this kind in the future. But she had not told the management board that BDO had recently conducted an internal audit of the treasury management function of the RICS, which included cash flow forecasting, and which Levitt said had made "extremely unhappy reading".
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