Sanctuary sacks audit firm

Sanctuary sacks audit firm

Sanctuary Group proposes to switch to KPMG after dumping Baker Tilly

Sanctuary Group has decided to sack Baker Tilly, the firm which last year
qualified the music group’s accounts.

The group has had high-profile accounting issues in the last year, and
proposes to switch to KPMG.

Baker Tilly said Sanctuary understated losses in 2005 by £15.9m. ‘The
financial statements do not give a true and fair view of the state of affairs of
the group,’ the firm said.

Senior sources at Sanctuary complained earlier this year that a Big Four firm
had given the accounts a clean bill of health, openly questioning Baker Tilly’s
opinion.

The company is proposing to appoint KPMG when it holds its AGM on April 28,
though analysts have said it could have trouble getting the move through.

The shareholdings of the group have been shaken up recently by the company’s
£110m fundraising, with two hedge funds taking stakes. Och Ziff and Trafalgar
Asset Managers, have both invested in the group.

Sanctuary would only say that the change of auditor was part of a ‘fresh
start’.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource