888poker, the second largest online poker network worldwide operated by 888 Holdings Public Limited Company (LON:888) announced the appointment of Ernst & Young also known as EY as auditor.
EY is a multinational professional services firm, and it is one of the “big four” audit firms worldwide. Its appointment ended the decade-long relationship between 888poker and its former auditor, BDO International effective last June 30, 2014. Its job starts with the second-half financial results of the company.
Changing regulatory environment reason behind auditor change
The board of directors of 888 Holdings Public Limited Company (LON:888) explained that their decision to change auditors was due to the “changing regulatory environment” and “in line with emerging practice and institutional investor guidelines.
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“The board considers EY best positioned to provide audit services to the Company through a period of significant growth and expansion into regulated markets, especially the United States,” according to the statement of the 888poker operator.
BDO International served as auditor of the 888poker operator for ten years. The fifth largest auditing firm advised 888 Holdings Public limited Company (LON:888) on its initial public offering (IPO) in 2005. The UK Corporate Governance Code required FTSE 350 companies require to re-tender every ten years on comply or explain basis.
888poker cancels sponsorship agreement with Luiz Suarez
Last month, 888poker cancelled its sponsorship agreement with Luiz Suarez after the Uruguay striker was found guilty of biting Italy’s Giorgio Chielleni at the Word Cup. Suarez was prohibited from playing football for four months and in nine international games.
In a statement, the online poker network explained, “888poker signed Luis Suarez following a fantastic season for which his achievements were widely recognized. Regrettably, following his actions during Uruguay’s World Cup match against Italy on Tuesday, 888poker has decided to terminate its relationship with Luis Suarez with immediate effect.”
Suarez signed a deal to become the worldwide ambassador for 888poker prior to the World Cup. The online poker network produced a number of video diaries highlighting Suarez during the tournament including his two goals wherein Uruguay defeated England.