Air Partner drops Deloitte for PwC auditors
7 Nov 2018
Private jet operator Air Partner plc has ended a seven-year audit agreement with Deloitte as its external auditor and hired PwC after the FTSE 250 listed company reviewed its audit business
7 Nov 2018
In the 2018 annual report and accounts, Air Partners stated that the decision to review auditors was made as the current audit partner at Deloitte was about to rotate off the audit account in January.
This follows a competitive tender process and the company has confirmed that the appointment takes immediate effect and incoming auditor PwC will audit the Group's financial statements for the financial year to 31 January 2019.
Deloitte had been auditor at the group for seven years since 2011 and has resigned as auditors to the company. For the year ended 31 January 2018, Deloitte earned £228,000 in audit fees with an additional £23,450 for non-audit services.
Earlier this year, the company was forced to extend the deadline for publishing its annual audited accounts following the discovery of an estimated £4m accounting error in April. This was later identified as an £4m overstatement of corporation tax which was ‘contained and resolved’ following an internal review.
At the time, PwC and Rosenblatts Solicitors were called in to conduct an independent review which identified that certain journals had been processed incorrectly but did not assign any blame, stating that it was an error.
The proposal to appoint PwC for the audit for the financial year beginning 1 February 2019 will be subject to shareholder approval at the 2019 AGM.
Report by Sara White