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EY has replaced Pitcher Partners in a global auditing role after the mid-tier firm resigned from the position.
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EY steps in for Pitcher Partners in auditing role
10 December 2015
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Embattled international law firm Slater and Gordon announced via an ASX statement that ASIC has consented to the resignation of Pitcher Partners as the company’s auditor.
According to the statement, following a competitive tender process, Slater and Gordon’s board of directors resolved to appoint EY as the company’s auditor as of 6 November 2015. The appointment is set to be confirmed at the company’s next annual general meeting.
“The change of auditor reflects the appointment of a single global audit firm to more efficiently manage the audit of the company’s global business,” the statement read.
The appointment follows a late November stock plummet which saw hundreds of millions of dollars wiped off the company’s share price.
The firm stressed that the changes would have no impact on its 2016 financial performance in a statement released following the dive. Slater and Gordon was, however, unable to reaffirm its guidance for 2017 until the impact of regulatory changes could be assessed.
“Given the [UK government] consultation process is yet to begin, it would be premature for the company to provide financial guidance post-FY16 and it will not do so until details of the final form of any changes are released by the UK government,” the firm said in the statement.
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