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IRG's auditor resigns

Investment Research Group's (IRG) auditor, Deloitte, which last month qualified the company's annual accounts, has resigned.IRG, which publishes New Zealand Investor magazine, said it had negotiated with Staples Rodway to be appointed as its new auditor.T

Jamie Gray
Thu, 04 Nov 2010

Investment Research Group’s (IRG) auditor, Deloitte, which last month qualified the company’s annual accounts, has resigned.

IRG, which publishes New Zealand Investor magazine, said it had negotiated with Staples Rodway to be appointed as its new auditor.

The company said it had been in communication with the Companies Office concerning the audit and the attached qualifications, and whether they complied with the Financial Reporting Act.

“The Companies Office's current view is that they do not fully comply,” IRG said.

“IRG has advised that it will ensure it complies with the Financial Reporting Act and will take any steps necessary to ensure it does comply,” the company said.

“This may include removing the audit qualification on the March 2010 Group Financial Statements,” IRG said.

Deloitte had issued a qualified opinion on the company’s accounts, which showed an after tax loss of $2.24 million.

IRG said last month it suffered an impairment of $1.3 million in the carrying value of deferred tax and impairments of $159,704 and $232,934 in the carrying values of goodwill and customer databases, respectively.

Deloitte had qualified its opinion on the carrying value of the deferred tax asset and the recoverable value of goodwill and customer databases.

The company has had its shares suspended from trading this year due to the late filing of accounts.

The suspension was lifted on October 14 after IRG filed its accounts and annual report.

 

Jamie Gray
Thu, 04 Nov 2010
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IRG's auditor resigns
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