PracticeConsultingSSL to ditch Andersen after probe

SSL to ditch Andersen after probe

SSL International, the Durex-condom maker hit by massive errors in its accounts, has signalled that it will ditch Andersen as its audit firm at its annual general meeting today.

Although Andersen – its longstanding auditor – was reappointed at the meeting, a spokeswoman told AccountancyAge.com: ‘The company indicated [it would] review its auditor, but confirmed the reappointment because it is a publicly-listed company and is required to have auditors.’

She said the healthcare company, which also makes Marigold gloves, told shareholders that it was appropriate to focus on reviewing its audit arrangements following the agm.

Because the company’s results and the results of the investigation are so close to the agm, the company could not review its auditor situation prior to the meeting. However, sources close to the company say the process is already underway.

Chairman Stuart Wallis also told shareholders the investigation into overstated results, which included a £50m stock error, was ‘virtually complete’.

He said: ‘In relation to the previously announced investigation into the overstatement of results in prior periods, this investigation is now virtually complete and a file has been passed to the Serious Fraud Office for review.

‘Any further action in this matter will therefore be taken by the SFO.’

Andersen was unavailable to comment.

Links

CFO Sanders steps up at Baltimore

Fraud office focus on SSL

Andersen facing crucial SSL vote

Andersen faces sack from SSL

KPMG probe £50m stock error at SSL

Remaining directors quit SSL

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