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By Michael Trudeau | Published Dec 06, 2012

RSM Tenon lets go of PWC after audit investigation

Accountancy and advisory firm RSM Tenon has decided not re-appoint PricewaterhouseCoopers as the company’s auditors following a shareholder vote.

At RSM Tenon’s annual general meeting today (6 December), shareholders voted against taking PwC on again as auditors for the coming financial year.

In total, 36 per cent of the shareholder vote was in favour of keeping the company on, while 64 per cent voted against the proposal.

The board has now begun the process of appointing a new auditor. Although the company aims to finalise the appointment before 30 June 2013, it will be subject to shareholder approval by vote at next year’s AGM.

Tensions between RSM Tenon and PwC mounted as an investigation was launched into the company’s accounting methods as well as the role of PwC as the company’s auditors.

The investigation covered the preparation, approval and audit of RSM Tenon’s financial statements for the years ended 30 June 2010 and 2011, and the preparation, approval and review of the financial information connected to the company’s admission to the London Stock Exchange.

RSM Tenon recently announced it had entered into a “business as usual monitoring relationship” with the Financial Services Authority after a year of heightened supervision which affected its financial results.

The company has had frequent leadership changes beginning with the resignation of former chairman Bob Morton and former chief executive Andy Raynor.

Adrian Martin, who took over the role of chairman from Mr Morton, announced three months later that he planned to step down along with former non-executive director Michael Findlay.

Meanwhile Chris Merry, previously chief executive officer of Matrix Group, has taken up the position of chief executive officer.

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