A NEW AUDITOR has been taken on by RSM Tenon, following PwC’s departure.
BDO has been hired, “following a competitive tender process”, to serve as RSM Tenon’s auditor.
The appointment is the latest chapter in what has been a turbulent time for the RSM Tenon audit.
PwC stepped down as auditor after it was voted out by RSM Tenon shareholders last year. Its departure followed a wrangle between the two parties over the quality of PwC’s audit work leading up to RSM Tenon entering into financial and operational difficulties.
The accountancy profession’s investigator, the Accountancy and Actuarial Discipline Board (AADB), began an enquiry last spring into PwC’s audit work at the listed firm.
Tenon had to restate its 2010/11 accounts, which saw revenues cut by £4m and profits slashed by more than £7m. Employee bonuses were also recorded incorrectly, affecting profits by £3.7m.
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'