Share
- Release Date: 01/05/12 11:16
- Summary: AUDITORS: PGC: Resignation of KPMG as the PGC Group's Auditor
- Price Sensitive: No
- Download Document 1.52KB
PGC
01/05/2012 09:16
AUDITORS
REL: 0916 HRS Pyne Gould Corporation Limited
AUDITORS: PGC: Resignation of KPMG as the PGC Group's Auditor
Notice to NZX
1 May 2012
RE: Resignation of KPMG as the PGC Group's Auditor.
KPMG have resigned as the PGC Group's Auditor. The reasons they have given
for the resignation are:
"Unresolved differences as to whether certain transactions should be
disclosed as related party transactions, and concerns over the adequacy of
governance and management of financial reporting"
PGC strongly rejects these claims by KPMG and has advised KPMG accordingly.
In an effort to resolve what was becoming a technical impasse on disclosure
matters (as our professional advice differed from KPMG's) PGC made the
following offer to KPMG in order to achieve progress:
"That if by the time the June 2012 financial year audit was completed we
still had unresolved differences then PGC would agree to KPMG's view and
publish whatever KPMG thought appropriate within the 2012 annual report or
earlier if required by KPMG".
PGC also notes that, in order to ensure a very high standard of internal
accounting controls and activities, on April 2nd the PGC Board shifted PGC's
central accounting functions to Deloitte.
PGC takes the untimely resignation of KPMG very seriously, and has reserved
its rights accordingly.
The PGC Board will appoint a replacement auditor as soon as possible.
For more information, please contact:
Bryan Mogridge
Phone 021 931 355
End CA:00222386 For:PGC Type:AUDITORS Time:2012-05-01 09:16:26
