Slater and Gordon is searching for a new chief financial officer following concerns over its accounting practices.
ASIC reviewed the law firm’s accounting practices after financial reporting errors following the acquisition in April of the professional services division of UK legal group Quindells. The company has since reclassified certain balance sheet items, including revenue recognition.
The company is positioning itself as the leading personal injury law group in the UK.
Today Slater and Gordon said Wayne Brown would step down from his position of CFO on the appointment of his successor but would remain with the firm to facilitate an orderly transition.
Slater and Gordon chair John Skippen says the move will support the company’s significantly expanded operations.
Brown, who has been with the firm 12 years, was part of the company’s transformation from a Victorian based law firm to an ASX-listed company now servicing clients in both Australia and the UK.
Slater and Gordon has also appointed James Millar, an experienced chartered accountant with a 30 year career at Ernst & Young, to the board of directors.
He will chair of the audit, compliance and risk management committee.
The law firm in August announced a 7.7% rise in full year profit to $70.7 million.