(Alliance News) - MJ Hudson Group PLC on Monday said its auditor Ernst & Young LLP has resigned with immediate effect, less than 18 months after being appointed.
The asset-management consulting company said EY quit on Friday last week after having "lost trust and confidence" in MJ Hudson's management.
The letter of resignation from EY said: "We are ceasing to hold office because we have lost trust and confidence in the company's management and those charged with governance, and in their ability, along with your finance team, to provide us with accurate and reliable information for audit."
Consequently, MJ Hudson said it believes that finalising its financial 2022 reports will "take some time" as it commences a search for a new auditor.
MJ Hudson added it has completed the initial process of seeking interest from parties to acquire some or all of its business units. "It is pleased to confirm that there have been a number of encouraging initial bids for all of the business units, as well as bids for individual business units, divisions and combinations thereof, from credible potential acquirers," the company said.
EY became responsible for the MJ Hudson audit in 2021.
MJ Hudson's shares were suspended in December after the company was made "aware of…issues, including in relation to the reporting of historical trading of the business in relation to [fiscal year] 2022, the full impact of which is unclear".
By Xindi Wei, Alliance News reporter
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