RSM Tenon drops PwC as auditor

RSM Tenon Group has dropped PwC as its auditor after a shareholder vote at the accountancy group’s annual general meeting.

The audit firms are in a dispute over the quality of PwC’s audit of RSM Tenon, which the firm said led to private equity firm HgCapital withdrawing a £140m offer for it.

HgCapital said it had “completely lost confidence in Tenon’s historic and current financial statements together with their ability to forecast its future finances”.

Around 64% of RSM Tenon’s shareholders voted against re-appointing PwC.

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