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PwC faces RSM Tenon inquiry
by Dylan Lobo on Apr 17, 2012 at 07:52
PwC is facing an enquiry into its handling of RSM Tenon.
According to The Times, the Accountancy & Actuarial Discipline Board has been examining PwC’s work for Tenon and is expected to open a full inquiry in the next few weeks.
The news comes amid reports Tenon has sought legal advice over alleged errors made by PwC in the auditing of its accounts. The firm claims the mistakes made by PwC contributed to the collapse of a potential buyout by private equity firm HG Capital.
The situation got increasingly messy when PwC is said to have claimed Tenon had mislead its audit team, which had been tasked with going through the books.
Tenon has had a tumultuous 2012. At the start of the year it told investors it would be restating its accounts for the year ending 30 June 2011 after discovering ‘black holes’ in its books.
It also sent out a profit alert and announced the departure of chief executive Andy Raynor and chairman Bob Morton to stand down.
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