EARLY EQUITY has been forced to change its auditors by the FRC after they were found to be unauthorised to conduct the work.
The London-listed UK investor was forced to replace Hong-Kong based auditors Clement Chan after the FRC notified the firm that it was not authorised to audit UK incorporated public companies, despite being authorised to audit companies incorporated outside the UK that are listed in the UK.
Haysmacintyre has been appointed as Clement Chan's replacement and are engaged to re-audit the accounts for the year ended 31 August 2012.
In a statement to the stock exchange, Early Equity said that, following Clement Chan's resignation, it had received confirmation that its audited financial statements for 2012 were prepared in accordance with IFRS; that Clement Chan has sufficient experience to produce accounts in accordance with IFRS; and that the firm does not expect that the audited figures being prepared by the incoming auditors will be materially different to those previously audited.
Early Equity intends to reissue the audited financial results to the market as soon as the re-audit is completed, the company said.
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