BusinessCompany NewsFRRP looks into Sanctuary accounts

FRRP looks into Sanctuary accounts

Music group confirms it is in correspondence with FRRP over audit qualification

The FRRP is looking into the accounting restatements at Sanctuary Group after
the music company’s annual report was qualified by outgoing auditors Baker
Tilly.

In a statement released ahead of the Sanctuary’s annual general meeting this
morning, the group said it was in ‘correspondence with the FRRP about the
circumstances surrounding the changes in accounting policies disclosed in the
accounts’.

The company, which represents Morrissey and Beyonce, said these enquiries
were ‘usual following an audit qualification’.

Baker Tilly, Sanctuary’s auditors, qualified the group’s accounts after it
emerged that Sanctuary’s 2004 pre-tax loss should have been £26.7m instead of
£1.8m. The group’s 2005 losses, meanwhile, had risen to £143m.

Sanctuary, however, was unhappy with the qualification, as a Big Four firm
had looked over the accounts and was happy to give them a clean bill of health.
The group has since put forward KPMG as auditors to replace Baker Tilly.

‘The Group remains committed to implementing a very high standard of internal
control, risk management and corporate governance,‘ Sanctuary said.

Shareholders are expected to vote in favour of KPMGs appointment later today.

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