Firms begin pitches for RSM Tenon audit
Grant Thornton, KPMG, Ernst & Young and BDO are all reported to be pitching for RSM Tenon’s audit
RSM TENON is currently interviewing for a successor to PwC as its auditor.
The Independent reports that firms such as BDO, Grant Thornton, KPMG and Ernst & Young have all applied for the job.
Earlier this year listed firm RSM Tenon discovered irregularities in its books and uncovered a 9% drop in revenues to £107.8m. It also restated the prior year’s pre-tax profit and reduced it by £12.1m.
Its auditor PwC is likely to face an enquiry by the profession’s watchdog, the Accounting and Actuarial Discipline Board, however, it remains the auditor.
Deloitte was unable to throw its hat in the ring due to a conflict of interest; it discovered the irregularities while conducting due diligence work on behalf of HG Capital, a private equity company looking to acquire the firm.