E&Y refuses to sign off Adecco accounts
Recruitment giant Adecco has delayed the filing of its accounts after auditors Ernst & Young refused to sign off the accounts.
Adecco is currently being investigated by the Securities & Exchange commission over alleged accounting irregularities.
In a statement Adecco said it would postpone the release of its audited full year 2003 results and its results for the first quarter of 2004.
Adecco claimed that ‘significant progress has been made towards completion of the 2003 audit’ but after assessing the situation it has decided not to release 2003 results, until completion of audit work by Ernst & Young.
The company said it would work with E&Y and release the 2003 results as soon as possible.