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RSM bosses resign after £4m misstatement in firm's own accounts

The chief executive, chief financial officer and chief operating officer at accountancy firm RSM have resigned their positions after discovering a £3.8m error in its own accounts.

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In December, chief executive David Gwilliam, chief finance officer Nigel Tristem and chief operating officer Robert Ross all stepped down, though they remain listed as partners on RSM’s website.

 

RSM provides restructuring and risk advisory services, along with audit, tax and consultancy services.

 

The restatement relates to provisions it made for professional liability claims.

 

The errors had a net impact on profit of nearly £3.8m, RSM’s accounts for the year to March 2019 – which were published on January 4, 2020 – showed.

 

Managing partner Jez Filley has been given the acting chief executive role. Andrew Westbrook as acting chief finance officer and Jill Jones as acting chief operating officer.

 

It is understood RSM reported the errors to audit regulator the Financial Reporting Council (FRC) in advance of filing its accounts last month.

 

In a statement, RSM said: “The FY19 financial statements of RSM UK Holdings contain a prior year restatement. The accounts clearly explain the restatement: it relates to historical claims provisioning, was identified and corrected by the board, and has had no impact on the group’s cashflow statement. By way of response to these issues, the Board made appropriate management changes.

 

“Separately, and for clarity: Robert Ross, who was not a director of RSM UK Holdings, stepped away from the chief operating officer role to focus on leading RSM UK Consulting.”

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