The accounting problems at music company Sanctuary Group cost it £1.2m last
year as the troubled business coughed up for a range of audit and non-audit
Sanctuary, which reported a five-fold increase in pre-tax losses for the year
ended 30 September 2005 from £26.7m to £143m, paid principal auditors Baker
Tilly, which qualified its accounts, £565,000.
The group released a further £233,000 to ‘other auditors’ and non-audit
services performed by Baker Tilly, it revealed in its annual report
On top of that, the group paid out £326,000 for taxation advice, other
assurance services and acquisition advice.
Even though Sanctuary is only a small cap group, the £1.2m it paid in audit
fees is close to the sums paid by much larger FTSE250 groups, which pay an
average of £1.3m to their auditors.
For more on Sanctuary’s plans to replace auditors Baker Tilly see
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure