Tenon, which is listed on the Alternative Investment Market, cannot carry out audit work or acquire audit businesses, as stated in the Companies Act.
But this week, Tenon’s regional chairman Tim Jobling, welcomed Mark Wallis as a director of audit, and said: ‘I am delighted to welcome Mark to Tenon?we have an excellent audit team.’
Tenon FD Jonathan Freedman said he knew the group must operate independently from Blueprint. He added: ‘Something must have gone awry, our position and branding has not changed.’
In May, Accountancy Age learned the institute had engaged in talks with the company because Tenon was planning to change the name of its Blueprint subsidiary. Any change would be scrutinised closely in case it selected a name similar to Tenon.
The institute has been advising Tenon since its formation last year, and said maintaining the ‘perception of independence’ was essential and any deviation would create a problem for the institute.
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