PracticeAuditErnst & Young warning hits Tiscali shares

Ernst & Young warning hits Tiscali shares

Tiscali shares fall after auditor Ernst & Young raises concerns over 2008 accounts of Italian Internet company

Shares in Tiscali fell this morning after the Italian Internet company’s
auditor, Ernst & Young, warned there were fundamental uncertainties’ about
the business, Reuters reported.

The fall in the share price comes after E&Y said it said it was unable to
express an opinion on Tiscali’s 2008 accounts, citing ‘fundamental
uncertainties’ about the business.

Tiscali, Italy’s third-biggest Internet company by market share, said it
disagreed with the Ernst & Young report, Reuters said.

A market analyst told Reuters that the report meant the auditor did not have
enough information to reach an opinion on the accounts, but Tiscali said it had
provided all the information needed for an audit opinion.

E&Y said the company’s future depended on a successful conclusion to debt
talks with its main lenders, Tiscali said in a statement.

Further reading:

Tiscali
shares down after audit impasse

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