PracticeAuditCordiant avoids suspension with unaudited results

Cordiant avoids suspension with unaudited results

Troubled advertising agency Cordiant Communications has avoided suspension from the stock exchange after publishing results just before the deadline, though the company failed to get them signed off by its auditor.

Link: EC vents fury at US audit plans

The company reported a pre-tax loss of £228.2m but still saw its share price shoot up 70% after the company announced it had secured funding for the company until mid-July.

Many had expected the company to be suspended for the stock exchange after losing several major clients during the year, including Allied Domeq and warnings from the company that it may not be able to reach the deadline for reporting its annual results.

The reported results contained a warning from the company’s auditors, KPMG, that due to an ongoing strategic review at the company, it had only seen limited evidence for the purpose of the audit. It was therefore ‘unable to form an opinion as to whether the financial statements give a true and fair view of the state of affairs of the company’.

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