PwC called in by troubled insurance processor Quindell in order to banish questions over accounting practices
Quindell has called in accounting giant PwC to probe its books in a bid to banish questions over the group's accounting policies.
Even before last month's share selling scandal that saw three directors of the group forced to quit, the insurance processing company had been dogged by allegations about the way it booked revenues and profits.
Now the firm has said the Big Four accounting group will spend several months investigation 'the Group's main accounting policies and expectations as to cash generation into 2015'.
Quindell probe: The Big Four accounting group will spend several months investigation 'the Group's main accounting policies and expectations as to cash generation into 2015'.
Quindell also announced a slowdow in trading, warning that the amount of cash it received had not exceeded expectations as it previously indicated.
David Currie, who took over as the firm's chairman following the exit of founder Rob Terry, said: 'The appointment of PwC to conduct an independent review is the natural next step to give additional support to the Board's confidence in the business and will also assist the Company in assessing its future strategy and outlook.'
He also said: 'The search for a permanent Chairman and new board members is ongoing and we will update shareholders as appropriate.'
Currie added: 'The board is satisfied with the overall trading performance of the group throughout a period in which a number of distractions have been encountered.'
These 'distractions' included three directors selling millions of pounds of shares while sitting on price sensitive information, the company's broker quitting, two analyst houses ceasing coverage of the company, a probe by the London Stock Exchange, a boardroom clearout and the collapse of its share price.
Quindell shares, which have fallen from a peak of more than 600p in April, slipped another slipped another 1.25p to 54.5p.
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