Reported 2 days ago
P&O Ferries has appointed a small four-person auditing firm, Just Audit & Assurance (JAA), to replace KPMG, which resigned as the company's auditor in March over concerns about meeting audit standards. This change raises further questions regarding the company's governance and financial stability, particularly following its controversial layoffs of 786 UK staff in 2022. The new auditor will charge approximately £265,000 for the P&O audit, which is significantly larger than its typical fees, prompting concerns about auditor independence as the firm may become overly dependent on this major client.
Source: YAHOO