Pyne Gould Corp has announced that PwC will take over as its external auditor following the resignation of KPMG earlier this month.
PwC already audits the trustee and management units of Pyne Gould's Torchlight Limited Partnership, Perpetual Asset Management and Perpetual Trust's funds. The board also announced it will appoint an independent director to chair its audit committee.
The Financial Markets Authority said it was looking into Pyne Gould's related-party transactions, which along with complaints about the wealth manager's governance, prompted auditor KPMG to quit its role with the company earlier this month.
Shares in the company are currently trading at 29 cents and have shed 14 percent of their value this year.
