BDO replaces PwC as RSM Tenon auditor

by Kevin Reed

More from this author

01 Feb 2013

  • Comments
RSM Tenon

A NEW AUDITOR has been taken on by RSM Tenon, following PwC's departure.

BDO has been hired, "following a competitive tender process", to serve as RSM Tenon's auditor.

The appointment is the latest chapter in what has been a turbulent time for the RSM Tenon audit.

PwC stepped down as auditor after it was voted out by RSM Tenon shareholders last year. Its departure followed a wrangle between the two parties over the quality of PwC's audit work leading up to RSM Tenon entering into financial and operational difficulties.

The accountancy profession's investigator, the Accountancy and Actuarial Discipline Board (AADB), began an enquiry last spring into PwC's audit work at the listed firm.

Tenon had to restate its 2010/11 accounts, which saw revenues cut by £4m and profits slashed by more than £7m. Employee bonuses were also recorded incorrectly, affecting profits by £3.7m.

Visitor comments

blog comments powered by Disqus
display:none

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

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

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

Briefings

budget-management

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.

cchcover

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.