PwC succeeds Deloitte as auditors of Phoenix IT

by Rachael Singh

More from this author

04 Oct 2012

  • Comments
PwC offices at More London Riverside

PHOENIX IT has swapped its auditor just weeks after the discovery of accounting irregularities.

The technology business has announced PwC will succeed Deloitte as auditors. Deloitte stepped down after management decided to appoint another firm.

In September, Phoenix IT revealed it had found accounting errors and mis-statements, although it claims these were limited to its subsidiary Servco.

It hired PwC, as well as legal firm Nabarro, to conduct an independent forensic investigation, but no timeframe has been given as to when this will be completed.

A statement at the time said: "The information currently available suggests that certain control processes within the finance function at Servo Limited's Birstall site in Leeds have been repeatedly and deliberately circumvented."

The company estimates the cost of assessing the mis-statement could lower assets by up to £14m on a post-tax basis.

Phoenix IT also announced its CEO David Courtley is stepping down from the business.

"The resignation is not related to ongoing accounting investigation as previously announced, which is as much concern to David as it is to remainder of the board," said a statement.

Other board changes include CFO Jane Aikman taking on the additional responsibilities of a chief operating officer – a new role for the business.

She joined the company in August, having previously worked as CFO at renewable energy business Infinis. Prior to that, she was FD at developers Wilson Bowden.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.