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

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news