PracticeAuditBDO replaces Deloitte as Mitie auditor

BDO replaces Deloitte as Mitie auditor

The change in auditor comes after Mitie conducted a competitive tender process, which had been announced in the company’s 2017 Annual Report and Accounts

Mitie Group has announced that its board has appointed BDO as its auditor, with Deloitte having resigned, effective 19 September.

BDO will remain as auditor until the company’s Annual General Meeting in 2018 at which shareholders will vote on the firm’s appointment.

The change in auditor comes after Mitie conducted a competitive tender process, which had been announced in the company’s 2017 Annual Report and Accounts. At the time, Mitie had said that a new external auditor would be appointed by 31 March 2018.

BDO will now review finances for both the half-year ending 30 September 2017 and full year ending 31 March 2018.

In July this year, the Financial Reporting Council launched an investigation into Deloitte’s audit of the Mitie accounts between 2015-16.

Mitie has experienced difficulties in recent months, resulting in the implementation of “Project Helix”, a £45m cost-saving programme. The company said that the initiative was likely to result in the loss of 480 jobs by the end of the current financial year.

Commenting on Mitie’s performance, acting CEO Peter Dickinson, said: “Overall we are making steady progress in the transformation of Mitie. Top line growth in the first 6 months has been encouraging, our dedicated focus on putting customers at the heart of our business and identifying cost savings is beginning to deliver and we are investing at pace in talent, capabilities and systems.  Transforming a large, diverse business such as Mitie is neither linear nor without challenges, but the programme remains on track. I expect to see the positive impact of our endeavours as we move into the second half of the year.”

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