Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZF Group searches for new auditor after RSM Prince quits

NZF Group searches for new auditor after RSM Prince quits

By Suze Metherell

March 14 (BusinessDesk) –NZF Group, which was fined and suspended from trading on the stock exchange last year after a four-and-a-half month delay in filing its annual report, is on the hunt for a new auditor after RSM Prince resigned.

Accounting firm RSM Prince said the relationship had run its course, Auckland-based NZF Group said in a statement today.

In November the regulatory arm of stock exchange operator NZX fined NZF Group $35,000 and censured the financial services company after a delay in filing its 2013 annual report. At the time NZF Group said it was unable to fully value its divestment in its 50 percent stake in MPMH, a holding company for Mike Pero Mortgages, as it no longer had access to the financial statements.

NZF Group established the MPMH joint venture with Australasian firm Liberty Financial in 2006. The venture soured as NZF Group sought to divest, which Liberty disputed. The worth, and subsequent impairment to be recognised by the divestment of MPMH was also disputed, with discrepancies between valuations ranging from $2.76 million to NZF’s own valuation of $7.51 million.

In its independent auditor’s report on the annual financial statements RSM Prince said it had not received all the “information and explanations” required and “accordingly, we do not express an opinion on the financial statements”.

Shares in NZF Group were unchanged at 1 cent, and have fallen 97 percent from 30 cents over the past five years.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news