Update on review of financial controls and reporting processes and timing of completion of the annual report and accounts for the financial year ended 30 September 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
Introduction
Further to the announcement of 19 May 2021 (the Announcement ) PCF Group plc is providing an update on its review in relation to its financial controls and reporting processes.
As part of an internal review emanating from enquiries raised as part of the audit of PCF s Full Year 2020 financial statements, the new leadership of PCF s finance team became aware of a number of accounting entries in PCF Bank Limited s ( PCF Bank ) books and records that suggested errors and misstatements. As a result, the Board of Directors of PCF (the Board ) decided to engage PricewaterhouseCoopers LLP (