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Severe damage for Adecco from accounting troubles
Analysts have moved to make it clear that accounting problems can seriously damage your corporate health by reporting that Adecco's business reputation may have sustained 'irreparable damage' as a result of the recent furore surrounding the company's annual audit.
According to the Financial Times fund managers and analysts have warned that the outcome for Adecco could be severely damaging whether or not the crisis turns out to be as serious as it first appeared.
Karl Green of Dresdner Kleinwort Wasserstein is quoted in the FT as saying: 'The management are going to be viewed as complicit in how this unfolded.' He added: 'They have caused damage that is very, very difficult to repair.'
An unnamed analyst from Zurich is quoted saying: 'It is difficult to see how investors can be persuaded to come back to this stock.'
The warnings follow the resignation at the end of last week of Adecco's group CFO Felix Weber.
Troubled recruitment firm Adecco said yesterday that, following the completion of audit work for 2003, last year's results will not have to be restated. The company now faces a £67m bill from its auditors Ernst & Young following the affair 02 Jun 2004
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