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Phoenix IT Hires PwC to Replace Deloitte as Auditor
October 4, 2012
Phoenix IT decided to replace Deloitte as its auditor last month after discovering some concerns over several accounting irregularities. The discovery showed the Phoenix IT had approximately $14 million in unaccounted funds. According to representatives from Phoenix IT, one of their subsidiary firms was responsible for the losses.
The IT firm has recently announced that it will be hiring PwC to take Deloitte’s place as their primary auditor. PwC will be working closely with Nabarro to investigate the cause of the discrepancy, but neither firm has provided a time-frame for when it will be resolved.
According to statements issued during a preliminary investigation, the money was missing because certain safeguards were ignored. Investigators from PwC and Nabarro will be looking into the issue more carefully to determine how future losses could be prevented and who needs to be held accountable for the loss.
The firm’s CEO, David Courtley, has also resigned from his role. According to previous statements, his resignation stemmed from last month’s revelations of accounting irregularities. However, Phoenix has since stated that his resignation is not related to the current investigation. The board has said that Mr. Courtley is just as concerned with understanding the source of the discrepancies as the other members on the board.