Audit resignations becoming more high profile follwing changes to the Companies Act
When KPMG resigned from the audit of XL Leisure in 2006, no one, it seems, paid much attention - until the company went bust, that is.
But auditor resignations like KPMG’s are set to become more high-profile following changes to the Companies Act, according to industry experts.
Under the old rules when an audit firm resigned and issued a section 394 statement it could explain its reasons for resigning for example, citing concerns over the governance of their audit client.
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