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6557.52 -65 0.98% 04:35

RSM Tenon drops PwC as auditor after bitter dispute

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RSM Tenon drops PwC as auditor after bitter dispute

Accountancy firm and national IFA RSM Tenon has dropped PricewaterhouseCoopers (PwC) as auditor of the company.

Following a shareholders vote at the firm's annual general meeting today, 64% of shareholders with 72,960,000 shares voted against re-appointing PwC as auditors, compared to the 36% of shareholders with 40,800,000 who voted in favour of the resolution.

The move is a culmination of a tense relationship between the PwC and Tenon.

In August PwC faced an investigation from the Accountacy and Actuarial Discipline Board over its audit of Tenon.

Reports emerged in April that Tenon had sought legal advice over alleged errors made by PwC in its accounts.

In January Tenon said it would restate its accounts for the year ending 30 June 2011 after discovering 'black holes' in its books.

The company's board is now in the process of holding an audit tender and intends to appoint a new auditor before 30 June 2013. The appointment would be subject to shareholder approval at the firm's next general meeting in December 2013.

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