PKF SUCCEEDS PwC as auditor of global investment company ViCTory VCT.
VCT has changed auditor as part of a cost cutting exercise.
A statement from the company said: “The reason for the resignation of PwC was that as part of a cost cutting exercise the company has chosen another firm as auditors at a lower fee than PwC for their audit for the year ended 31 January 2010.”
The company has today sent a letter detailing the resignation of PwC to shareholders.
The board will announce the formal appointment of PKF to fill the vacancy in the near future, although no date has yet been set.