Move raises questions over governance of ferry company and ‘auditor independence’ of accounting firm
P&O Ferries has hired a tiny four-person auditing firm to replace the Big Four accountant that resigned from approving its annual accounts in March.
The move appears to raise further questions over the governance and financial health of the company, which has attracted a string of negative headlines after its controversial sacking of 786 mainly British ferry workers in 2022 – who it then replaced with low-cost agency staff from countries including India, the Philippines and Malaysia.
The ferry operator’s 2022 accounts were almost 11 months late when they were belatedly published in November of last year and showed that the company spent more than £47m on jettisoning its UK seafarers.
Its 2023 numbers are now eight months behind schedule and in March KPMG, the UK’s fourth largest accounting firm, resigned as P&O Ferries’ auditor. In its resignation letter, the accountants said: “It has not been possible to complete an audit of the 2023 accounts to the required standard within management’s desired timetable.”
