PwC resign as PRS’ statutory auditors
Following the completion of the 2019 year-end financial audit process PricewaterhouseCoopers LLP (“PwC”) have resigned as our statutory auditor due to a conflict of interest. This conflict of interest stems from a legal dispute raised by PRS, which is completely separate to PWC’s statutory audit work.
Below is PwC’s statement of reasons for the firm’s resignation:
In accordance with Section 519 of the Companies Act 2006 (the “Act”), we set out below the reasons connected with PricewaterhouseCoopers LLP, registered auditor number C001004062, ceasing to hold office as auditors of Performing Right Society Limited registered no: 00134396 and PRS for Music Limited registered no: 03444246 (the “Companies”) effective from 17 August 2020.
The reason we are ceasing to hold office is that the Companies’ external counsel has notified us of an intention to bring a claim against us concerning a matter, about which the Companies had not previously made us aware. We believe the threat of legal action impairs our independence, such that we cannot continue our appointment as the Companies’ statutory auditor.
In accordance with section 519(3A) of the Act, we consider that the above reason connected with our ceasing to hold office as auditors of the Companies need to be brought to the attention of the Companies’ members or creditors.