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Factual Summary: Athelney Trust PLC announced on October 10, 2023, the resignation of Hazlewoods LLP as its auditor, which had served the company since 2015. Hazlewoods LLP confirmed no circumstances needing to be brought to attention per Section 519 of the Companies Act 2006, stating their withdrawal from the Public Interest Entity audit market due to increased regulations. Following a competitive tender process where its Audit Committee contacted thirteen and interviewed four alternative auditors, the Company's Board has identified a new auditor for the financial year ending 31st December 2023, pending due diligence.
| Date | 10 Oct 2023 |
| Time | 10:54:56 |
| Category | Corporate updates |
| ID | 6446P |
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
Auditor resignation
Athelney Trust plc (the "Company") announces that Hazlewoods LLP have notified the Company of their resignation as auditor of the Company.
Hazlewoods LLP has advised the Company that it has decided to withdraw from the Public Interest Entity ("PIE") audit market due to increased regulations for PIE auditors.
Athelney Trust is classified as a PIE due to its Standard Listing on the London Stock Exchange's Main Market.
Hazlewoods LLP has confirmed that there are no circumstances connected with their resignation which they consider should be brought to the attention of the Company's members or creditors in accordance with Section 519 of the Companies Act 2006.
The Company further announces that following a competitive tender process led by the Company's Audit Committee, the Board has identified a new auditor for the financial year ending 31st December 2023 who, subject to standard due diligence and take on procedures will be appointed. It is expected that this process will be completed shortly, at which time the Company will make a further announcement.
During the Audit Committee's review process we contacted thirteen alternative auditors and interviewed four. From these contacts we learnt that increasing regulation has added to the administrative burden and cost of PIE audits, leading to many auditors pulling out of this market segment.
The Board would like to thank Hazlewoods for its professional and diligent service to the Company as auditor since 2015.