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11 June 18 - AFR- CPA seeks new auditors after Deloitte resignation

Posted: Mon Jun 11, 2018 9:32 pm
by JWheldon
http://www.afr.com/brand/rear-window/cp ... 611-h11807

AFR 11 June 2018:- CPA seeks new auditors after Deloitte resignation

by Myriam Robin

After a 13-year relationship with Deloitte, CPA is on the hunt for a new auditor.

"The Board of CPA Australia has decided to submit the role of Auditor for the 2018 CPA Australia Annual Accounts to a competitive tender of appropriate auditing firms," CPA chair Peter Wilson told members last Friday, adding that Deloitte had indicated earlier that week it wouldn't participate in the tender process, though would stick around for the transition.

The way we hear it happened, the big-four firm resigned some time after CPA's May 22 AGM, where a band of disgruntled members put forward a motion demanding the removal of CPA's auditor Mark Stretton. All of the rebel motions failed to formally get up after 75 per cent of proxies voted pre-meeting for the CPA board's motions, but Deloitte has stepped away regardless.

During last year's CPA implosion – when the company's board and CEO Alex Malley resigned after member fury over executive pay revelations and other corporate governance concerns – Deloitte's staff were dragged into attempts by CPA members to have CPA fully disclose things like director pay. However much Deloitte was paid for auditing CPA, we bet it wasn't worth the headache.