Auditing firm BDO is to continue verifying Pescanova's accounts. (Photo: Stock File)

BDO will continue auditing Pescanova

SPAIN
Monday, October 14, 2013, 01:10 (GMT + 9)

The 2012 accounts of the Galician multinational firm Pescanova are to continue being reviewed by the auditing firm BDO, which has been performing this task for 11 years.

The former board of Pescanova - chaired by Manuel Fernández de Sousa- had called for the redundancy of BDO as the entity that verifies its individual and consolidated annual accounts for the year 2012.

The auditing firm rejected the redundancy, arguing that it had complied with its obligations, and then it has never taken place, so "technically" it has not abandoned its role as auditor.

Now it has been confirmed that BDO remains in charge of reviewing the accounts of the Galician company until another auditing firm is appointed, the agency Europa Press reported.

On several occasions, BDO has expressed interest in continuing as responsible of auditing the annual accounts of the multinational firm, as it considers that it has not incurred in 'malpractice' and it has "promptly" respected all the obligations that are "inherent" in its activity.

"We reiterate the need for Pescanova to make it available for BDO all the means that are necessary for the proper conduct of the auditing jobs and, in particular, we would like it to provide us with the information that we have most urgently required," the auditing firm expressed on a note to the previous board of directors of the company.

By the end of October the viability plan issued by the consulting firm PwC is expected. According to the initial findings, it is expected to have a business plan that is "viable and sustainable over time" and with a "minimal" restructuring, which could imply selling non-core assets.

According to sources close to the multinational firm, the group changed from accounting a profit of EUR 16.1 million in 2011 to a loss of EUR 26.1 million in 2012, which by April 2013 came to EUR 29.1 million.

Anyway, the reorganisation administrator Deloitte stated in a report that the amounts provided by the company "are not representative, given the large number of incorrect items and entries."

Related article:

- Tax fraud suspicion in Pescanova’s management

By Analia Murias
[email protected]
www.seafood.media

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