Link: E&Y refuses to sign off Adecco accounts
Adecco’s results were published yesterday after twice being delayed due to the discovery of accounting irregularities and a black hole of £30m in the company’s North American operations.
The reported ‘material weaknesses in internal controls’ sent the company’s share price tumbling and cost two senior executives, including former chief financial officer Felix Weber, their jobs.
On the frontline: Jim Fredholm, Adecco CFO
The company said that E&Y will now produce an unqualified audit report on the 2003 accounts, but the work has cost them €100m. Only €6m will be charged to the 2003 accounts, with the rest being absorbed into the current year’s figures.