PracticeAuditEasier in limbo as search for auditor continues

Easier in limbo as search for auditor continues

Search for third auditor in a year has so far proved fruitless

Troubled cash-shell Easier is still searching for a replacement auditor
following the resignation of Brebner Allen & Trapp, the second firm to quit
the company in just nine months.

The search for the company’s third auditor in a year was still ‘ongoing’,
according to an Easier spokesman, following Brebner’s decision to quit after
failing to receive ‘sufficient audit evidence’ regarding the company’s assets.

Brebner’s resignation letter, filed at Companies House, stated: ‘We consider
that the absence of such evidence in this significant area is a limitation of
scope likely to result in the need to issue a disclaimer of opinion on the
financial statements.’

Brebner’s letter called for Easier’s board directors to bring the
circumstances behind the resignation to the attention of the company’s members
and creditors, which the directors are obliged to do under the Companies Act. It
is understood that the directors are yet to do so.

Worried Easier shareholders have focused their attention on details
surrounding the company’s £5.3m cash assets, which its directors have claimed is
held on deposit.
The circumstances behind Brebner’s decision to quit Easier’s audit mirrored
those of Deloitte’s resignation from the audit in October 2004.

The Big Four firm quit the role after it failed to receive an adequate
response to requests for information relating to the company’s investments.

Easier shareholder Neville Buch, who is leading a revolt against Easier’s
board of directors, had previously tried to take control of the company after he
claimed that Easier directors had failed to notify shareholders of Deloitte’s
departure.

Buch has called for a court hearing in October to order an EGM, in a bid to
replace Easier’s current board with himself and fellow dissident shareholder,
Gilbert Chalk.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

4d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter