The company also accounted for revenue for work not yet agreed in order to maintain the appearance of healthy revenue flows, the committees said.
"The collapse of Carillion exposed awful failures of regulation".
The Work and Pensions and Business, Education and Industrial Strategy (BEIS) Committees found in their final report of the closure of Carillion - which held 19,000 employees in the United Kingdom when it went bust in January - that board members painted the company out to be better than it was, when in fact board members overlooked regulatory practices in a "relentless dash for cash, driven by acquisitions, rising debt and exploitation of suppliers".
Unite, which represents more than 1,000 workers affected by Carillion's collapse, is demanding that the recommendations are adopted in full. The government turned down this "last-minute ransom note", although it did provide £150m to fund the insolvency and pay Carillion staff who were delivering essential public services.
'I have objected to the committees about quotes that they have misattributed to me.
The committees attributed the rise and "spectacular" fall of Carillion to "recklessness, hubris and greed", describing the company's business model as a "relentless dash for cash, driven by acquisitions, rising debt, expansion into new markets and exploitation of suppliers". They are guilty of failing to tackle the crisis at Carillion, failing to insist the company paint a true picture of its crippling financial problems.
As Carillion slithered ever closer to the brink, the board elected to increase dividends every year and, even as the business very publicly began to unravel, they were more concerned with protecting - and increasing - their generous executive bonuses.
The committees said honouring pension obligations in decades to come "was of little interest" to Carillion and claimed the contracting giant treated its suppliers with "contempt".
They said the directors had presented themselves during parliamentary hearings as "self-pitying victims" of "unforeseeable mishaps".
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Adam rejected the committees' findings, telling The Guardian: "The reasons for the collapse are clearly complex".
What are the auditors accused of?
Deloitte, which acted as Carillion's internal auditor, comes under fire for being "unable or unwilling to identify its "terminal failings", along with Ernst & Young, which was tasked with turning the company around, and PwC, which advised the company, its pension schemes and the government on Carillion contracts".
They accused it of being "timid" in challenging Carillion on its "inadequate and questionable" financial information and "wholly ineffective" in taking its auditors to task.
The report called on the government to refer the statutory audit market to the Competition and Markets Authority, which should be encouraged to consider breaking up the audit arms of the Big Four firms or splitting their audit functions from their non-audit functions.
But a KPMG spokesman said it believed it had conducted its audits of Carillion "appropriately", and Ernst & Young said it was "extremely disappointed that despite all efforts the business was not rescued".
This damning conclusion, from Frank Field MP, chair of the Work and Pensions Committee, is one of several to be found in the final report on the company's collapse, which has been compiled in conjunction with BEIS.
"Our priority has been to keep public services running safely across the country while saving thousands of jobs", said PwC chairman and senior partner Kevin Ellis.
"It gives us an opportunity to think again about what we need to do to fix this. We sought stronger and clearer powers on scheme funding from DWP and we are working with the government on how to implement the changes in the white paper, alongside our wider changes to how we regulate". Government urgently needs to come to Parliament with radical reforms to our creaking system of corporate accountability. "British industry is too important to be left in the hands of the likes of the shysters at the top of Carillion".
'We welcome the report from the joint select committee and will respond fully in due course'.