The group has confirmed the immediate resignation of Constantine Folkes, 47, as chairman and his suspension as executive director on the board.
Tax authorities are also investigating a private company controlled by Folkes.
KPMG has been commissioned to compile a report into the tax affairs and related matters involving the company. It is understood that the existing members of the board will not be able to make any further statement until the report has been completed.
John Hartley, non-executive director of the company, has been appointed as chairman with immediate effect.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel