Sept 6 (Reuters) - Telit Communications Plc said on Friday it appointed U.S. President Donald Trump’s long-time accounting firm Mazars LLP its new auditor after EY quit as the internet of things company’s accounting firm.
The AIM-listed technology company said EY submitted its letter of resignation on Thursday, stating it did not participate in a competitive tender process to be Telit’s auditor since Telit had indicated that it was expecting a fee reduction.
“We had already determined that the current audit fee did not provide us with an economic return that we consider reasonable for the audit work we would need to perform. This is the reason for our resignation,” EY said as part of a letter published by Telit.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr