Slater and Gordon will hire new auditors after acknowledging that the need for adjustments and corrections had undermined confidence in the business.
The firm, which on Friday reaffirmed its full year guidance, has appointed EY as statutory auditors subject to ASIC's consent to the resignation of previous auditors Pitcher Partners.
The move comes two months after Slater and Gordon revealed the changes to its results for the 2014/15 and 2013/14 financial years.
An audit by Pitcher Partners added $1.4 million to the $82.3 million net profit for 2014/15 and trimmed net profit for the previous year by $9.6 million.
"While none of the changes reflect any change in the previously reported trading performance of the company, I acknowledge these errors undermine confidence in Slater and Gordon," chairman John Skippen told the company's annual general meeting in Sydney on Friday.
"Not to put too fine a point on it, these errors should not have occurred. We are bolstering our internal and external resources to assure the robustness of reporting."
Managing director Andrew Grech said the group would be cash flow negative in the first half by $30 million to $40 million due to a slower than expected start to the financial year by its recent UK acquisition.
Nonetheless, Mr Grech again defended the acquisition and said the group is still on track to meet its full year guidance and generate revenue of more than $1.15 billion.
At the close on Friday, shares in Slater and Gordon had dropped more than 12 per cent to $2.68. They have declined by more than 65 per cent since hitting an all-time high of $8.07 in April.
"The current share price is not reflective of the board's view on the underlying value of the Slater and Gordon business," Mr Skippen said.
"The board and senior management team are working hard to deliver strong, sustainable results and to put this period of volatility and uncertainty behind us."
The slow start to FY16 for Slater Gordon Solutions, which was known as Quindell when Slater and Gordon bought the UK business for $1.3 billion in March, was attributed to an integration process that includes moving staff onto new systems and the introduction of legislation that has impaired some resolution rates.
"We are confident that each of these impacts are temporary and will be remediated in the second half," said Mr Grech.
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