By NZPA
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Tuesday 23rd July 2002 |
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Current auditors PriceWaterhouseCoopers had agreed to resign immediately after the audit of Telecom's 2001-2002 financial results and instead focus on non-audit services such as tax advice, Telecom said.
The new auditors would be KPMG.
The move would "significantly constrain" the ability of Telecom's external auditors to provide non-audit services.
Telecom's chairman, Dr Roderick Deane, said the revised policy would ensure that audit independence is maintained, both in practice and in public appearance.
Telecom said it had revised its audit policy to make sure it reflected international best practice after global concern about accounting methods in the wake of Enron and WorldCom.
It had also looked at matters such as non-recruitment of senior personnel from audit firms, and clearly separating audit and non-audit functions, Dr Deane said.
Dr Deane said the decision did not reflect any concern whatsoever with the performance of PriceWaterhouseCoopers.
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