“The BHB Board has decided not to recommend the re-appointment of PricewaterhouseCoopers (PwC) as its auditors.
The recommendation follows the acknowledged failure of PwC’s internal procedures which allowed the firm’s Management Consultancy division to prepare a critique of BHB’s Financial Plan for BOLA, without the knowledge of the Board, the audit partner, the head of the Economics Unit, or the firm’s Bloodstock Group.
BHB Chairman Peter Savill said,
“”We shall be issuing a robust rebuttal of the critique, prepared by PwC’s Management Consultancy division, which in our view was ill-informed. In these circumstances the Board decided not to recommend the re-appointment of PwC as its auditors.””
The appointment of auditors will be considered at the reconvened Annual General Meeting to be held in the autumn following a tender process for new auditors.