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Air Partner shares suspended as accounting problems push back results again

Shares in aircraft charter company Air Partner have been suspended from trading as an investigation into a hole in its accounts drags on.
In early April the business said it had discovered a long-running accounting error that meant it had to push back its results from April 26 to the end of May.
The Gatwick-based company, which charters passenger and freight aircraft and includes royalty and the horse racing industry among its customers, discovered problems relating to the way it collects payments.
Air Partner said its board had agreed with auditor Deloitte it would now not be able to publish its annual accounts until June 11 at the latest and requested the shares be suspended until then.
Peter Saunders, chairman, called the latest delay “extremely frustrating and hugely disappointing”. “It is a reflection of the volume of work, which began seven weeks ago, to conclude a transparent, thorough, and exhaustive internal review and audit,” he added.
He again tried to ease shareholder concerns, adding that the delay was “not related to the company's current trading, cash flow, banking arrangements or any underlying issue”.
Air Partner shares suspended as accounting problems push back results again

Air Partner also organises air freight services
In April Air Partner initially estimated the amount in question to be approximately ?3.3m, news that caused its shares to plunge 20pc, falling to a low of 74p. 
The company subsequently saidthe impact of the error would be limited to ?4m and that PwC and solicitors Rosenblatt had been appointed to investigate. Finance chief Neil Morris resigned over the black hole, which had gone undiscovered since 2011.
At the time Air Partner reassured investors by saying that despite delaying the annual results, it still intended to recommend a final dividend of 3.8p a share as it had sufficient cash resources to cover this - lifting the shares back up by 20pc.
While there is no suggestion of wrongdoing in Air Partners’ accounts or auditing, the problems only serve to increase the pressure on audit firms whose performance has been in the spotlight recently.
Accounting watchdog the Financial Reporting Council is introducing new penalties from June 1, with the potential of fines of ?10m or more for what the regulator called “seriously poor audit work”.
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