PracticeAuditPwC backtracks on Alpha accounts

PwC backtracks on Alpha accounts

Inflight caterers suspend shares after auditors withdraw prelim approval

In-flight catering company Alpha Airports was forced to suspend its shares
yesterday after its auditor, PricewaterhouseCoopers, retracted the audit opinion
of the company’s latest financial results.

The company, which supplies food and retail services to more than 100
airlines and 70 airports, said it was urgently seeking clarification of the
auditor’s concerns.

Alpha was told of the move on Monday night. It said: ‘The withdrawal of that
approval is in connection with inquiries by the auditors into a series of
related transactions connected with a major contract awarded to the company
during the financial year.’

Preliminary results for the year to 31 January showed the company had made a
profit of £18.5m. Earlier in the year Alpha said it might have been the victim
of a £2.5m fraud though PwC’s actions are not related to this case.

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