Listed accountancy firm RSM Tenon informed the Stock Exchange on Friday (1 Feb) that it had appointed BDO LLP as its new auditor.
The appointment will be formally ratified at this year’s AGM in December and follows a competitive tendering process that was started in last month after RSM Tenon announced that the resolution to reappoint PwC was not passed at its last annual general meeting. Nearly two-thirds of shareholders voted against the reappointment.
The breakdown in the client-auditor relationship is hardly surprising, as during the 2011-12 financial year the firm was forced to restate its accounts for the years to 30 June 2010 and 2011.
Tenon admitted to “significant errors” in financial statements and posted a loss of...