Jan 26, 2017
BT to speed up auditor review amid Italian scandal
BT is to bring forward a review of its auditors in the wake of a damaging accounting scandal in Italy that will end a relationship with PwC that dates back more than 30 years. BT will now accelerate that following the accounting scandal that has engulfed BT Italia and triggered a £530m write-off. The emergence of the worsening crisis in its Italian business has triggered a number of lawsuits against the company, notably one led by law firm Pomerantz that has filed a potential class action in New York against BT and its executives. The scale of the accounting scandal at BT Italia has caught investors by surprise. European Union regulations introduced last year require companies to put the job of auditing their accounts out to tender once every decade, and change their auditor at least every 20 years.
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