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August 13, 2019

PwC resigns as Staffline auditor

PricewaterhouseCoopers LLP has resigned as Staffline Group's auditor with effect from 1 August 2019. In its letter of resignation, PwC confirmed that the reason that they are ceasing to hold office is that the company will soon be undertaking a competitive tender process for the position of statutory auditor and there was mutual agreement with the audit committee not to participate in this process following the completion of the company's audit for the year ended 31 December 2018.

On 29 January 2019, PwC received an email from an anonymous third party raising concerns regarding certain of the group’s practices, accounting and disclosures. An Investigation Committee, comprising the non-executive directors and the non-executive chairman was established by the group and an independent law firm was retained to advise the Investigation Committee and to commence an independent investigation.

Preliminary extended audit procedures identified evidence which raised concerns regarding the completeness of information provided previously by management. The independent legal investigation to consider the issues was extended to cover the whole group.

However, other than in relation to national minimum wage liabilities, no material adjustments were made to the reported financial performance as at 31 December 2018. Conduct issues were identified in the independent legal investigation relating to certain individuals employed by the group, and the company said that appropriate action will be taken.

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