Despite claiming that the accounts of music company Sanctuary Group were in
contravention of the Companies Act, current auditor Baker Tilly has been invited
to re-apply for the role alongside other firms.
Comments published in Sanctuary’s annual report this week said Baker Tilly
disagreed with several ways in which the group had accounted for income in its
Baker Tilly said the group had understated its losses for 2005 and overstated
losses from previous years.
Baker Tilly said: ‘The financial statements do not give a true and fair view
of the state of affairs of the Group or the Company at 30 September 2005 or of
the Group loss for the year then ended; and therefore the financial statements
have not been properly prepared in accordance with the Companies Act 1985.’
Sanctuary will make a decision on a new auditor at its next AGM on 23 March.
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