Slater and Gordon revises accounts

An audit of Slater and Gordon's accounts has resulted in adjustments being made for its results covering the past two financial years.

Law firm Slater and Gordon has released a revised version of its accounts for the past two financial years following an audit of its UK businesses.

The world's first publicly listed law firm has been under heavy scrutiny over problems at its UK subsidiary Quindell, which it acquired for $1.3 billion in March, as well as confusion about its own accounting practices.

Slater and Gordon on Wednesday said an audit by EY had identified a range of adjustments and corrections to its financial results for the 2014/15 and 2013/14 financial years.

The changes resulted in a rise of $1.4 million to the $82.3 million net profit it reported for 2014/15 and a decrease in net assets of $14.5 million.

Net profit for the previous year was trimmed by $9.6 million and net assets reduced by $9.6 million.


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