BDO replaces PwC as RSM Tenon auditor
BDO comes in as auditor at RSM Tenon after PwC's acrimonious departure
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.