Jul
24
Three big auditors vie for Pescanova’s business
Filed Under EN
Ernst Young, Grand Thornton and Mazars are competing to be chosen as Pescanova’s external auditor, reported La Voz de Galicia.
The three big auditing firms would replace BDO, the firm which has been in charge of auditing Pescanova’s finances – and which approved the now discredited 2011 and 2012 annual accounts — until now.
Deloitte, Pescanova’s former bankruptcy administrator, recently published restated annual accounts for Pescanova for the years 2011 and 2012, showing a very different picture from the accounts previously published by the company and approved by BDO at the time.
The election of a new auditor is one of the first steps that the new board of the now bank-owned Pescanova is taking to put its house in order.
In another step, Pescanova’s board has solicited help from key managers to put together a 12-month ‘realistic’ management plan to help restructure the Spanish seafood group.
Deloitte can not act as an auditor due to its role as the administrator, said the regional newspaper.
KMPG was reportedly invited to compete for the tender, but it is also not eligible due to its role in advising the banks and performing the forensic audit of Pescanova, said the newspaper.
Pescanova’s monitoring committee –– composed of Senen Touza, trustee on behalf of Deloitte; Alejandro Legarda, who sits on Pescanova’s board, and chaired by Jacobo Gonzalez-Robatto, who represents the banks — is in charge of selecting the new auditor.
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