RE: Sorry trolls but it's not quite the bad news you were hoping for.13 Aug 2025 10:07
Here’s a summary of other occasions when Moore Kingston Smith LLP (MKS) resigned as auditor for clients, along with the reasons they provided:
Notable Auditor Resignations by Moore Kingston Smith
1. British Steel
When: Reported January 2024
Why: MKS resigned because it was unable to “satisfy” £45.8 million worth of inventory, and flagged a “material uncertainty” over the company’s future amid significant losses.
The Telegraph
yieh.com
Additional context: This resignation came as a setback for British Steel as it pursued state funding for net-zero transformation.
The Telegraph
yieh.com
2. Athelney Trust plc
When: Resignation letter dated 6 August 2024, publicly announced around mid-August 2024
investegate.co.uk
London South East
Financial Times Markets
Why: The audit partner assigned to the engagement was leaving MKS. Due to the firm’s reduced capacity to audit Public Interest Entities (PIEs), it decided to resign to maintain audit quality. MKS confirmed there were no other matters to bring to members' or creditors' attention.
investegate.co.uk
London South East
Financial Times Markets
3. Oberon AIM VCT plc
When: Announced October 2024 (resignation due to capacity issues)
Oberon AIM VCT
Investing.com Nigeria
Why: The Responsible Individual, Mr. Mital Shah, departed MKS. With reduced capacity for audits of Public Interest Entities and to uphold quality standards, MKS resigned. Again, no further issues were cited.
Oberon AIM VCT
Investing.com Nigeria
4. RC365 Holding Plc
When: Resignation announced in an FT Markets notice (circa 2023–2024)
Financial Times Markets
Why: MKS originally served as reporting accountants during RC365’s listing process on the London Stock Exchange. After a portfolio review, MKS decided not to act as statutory auditor and resigned.
Financial Times Markets
5. DG Innovate plc
When: Reported February 2024
Financial Times Markets
Why: MKS resigned as auditor. The firm submitted a statement under Section 519 of the Companies Act confirming there were no matters needing disclosure to members or creditors.
Financial Times Markets
Summary Table
Company Date Reason for Resignation
British Steel Jan 2024 Could not verify £45.8 m stock; flagged material uncertainty
Athelney Trust plc Aug 2024 Audit partner leaving → reduced capacity for PIE audits
Oberon AIM VCT plc Oct 2024 Responsible auditor departed → reduced capacity → quality concerns
RC365 Holding plc circa 2023–2024 Decision not to continue as statutory auditor after portfolio review
DG Innovate plc Feb 2024 Resigned; confirmed no matters needing disclosure
In each of these cases, MKS confirmed there were no additional concerns or disclosures required, suggesting the resignations were driven by internal capacity or strategic decisions—rather than issues with the companies’ finances or conduct.
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