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PricewaterhouseCoopers, the company’s UK auditor, had not been ‘sufficiently vigilant’, according to the company, which reported a rapid deterioration of profitability in its UK operations.
Following a management reshuffle earlier this year, the company uncovered ‘serious errors of management as well as accounting anomolies’.
‘The impact of these management errors has been made more serious and sudden because they have occurred in a difficult economic environment,’ the company said.
Although there was no indication of fraud, the company said it had called in an independent expert to strengthen its analysis and internal audit processes.
PwC declined to comment.
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