{"id":6663,"date":"2023-11-07T00:00:00","date_gmt":"2023-11-07T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/europe\/ey-refuses-to-continue-auditing-coderes-accounts-they-have-expired\/"},"modified":"2023-11-07T00:00:00","modified_gmt":"2023-11-07T00:00:00","slug":"ey-refuses-to-continue-auditing-coderes-accounts-they-have-expired","status":"publish","type":"europe","link":"https:\/\/www.mundovideo.com.co\/en\/europe\/ey-refuses-to-continue-auditing-coderes-accounts-they-have-expired\/","title":{"rendered":"EY refuses to continue auditing Codere&#8217;s accounts, they have expired."},"content":{"rendered":"<p><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">EY will stop auditing the accounts of the Codere group.<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">This has been confirmed by the gaming company itself, which details that the consulting firm has communicated to it, through a letter dated October 23, its decision to &ldquo;decline to stand for re-election as independent auditor of the accounts for Codere New Topco [<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">parent company of the group] and its subsidiaries&rdquo;, so this will no longer be the one that analyzes the financial statements for the year that will end this December 31.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\">The consultant decides not to stand for re-election and will no longer sign the accounts for this year.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color:#0000ff\"><u><a href=\"https:\/\/www.mundovideo.com.co\/colombian-gambling-news\/codere-is-losing-the-bet-in-mexico\" target=\"_blank\" rel=\"noopener\">Codere is losing the bet in Mexico.<\/a><\/u><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Codere adds that its audit committee &ldquo;is currently searching for a new independent auditor&rdquo; for its next accounts.<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">EY was the auditor of the gaming group since 2016. Therefore, it has accumulated a total of seven consecutive years, including the first complete one after the restructuring that the company undertook, by which it passed into the hands of its bondholders and its<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">parent company became domiciled in Luxembourg.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/ey-refuses-to-continue-auditing-coderes-accounts-they-have-expired3.jpg\" style=\"width:100%\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">In its latest audit report, dated April 28 of this year, EY indicated the &ldquo;existence of a material uncertainty that may cast significant doubt on the group&#39;s ability to continue as a going concern,&rdquo; after the group&#39;s parent company<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">, Codere Newtopco, recognized an attributable net loss of &euro;477 million in the 13-month period ending December 31, 2022, and acknowledged a &ldquo;slower recovery&rdquo; than it expected in its business.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/ey-refuses-to-continue-auditing-coderes-accounts-they-have-expired4.jpg\" style=\"width:100%\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">The company remains immersed in this recovery, as well as in the search for solutions to address its persistent cash flow tension.<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">In this regard, Codere announced on October 27 the delay until March of the receipt of 100 million euros by its shareholders, which it had planned to receive on that date.<\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Before, in September, it signed a bridge loan of 50 million to be able to continue its activity.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company remains immersed in this recovery, as well as in the search for solutions to address its persistent cash flow tension.<\/p>\n","protected":false},"author":1,"featured_media":6664,"menu_order":312,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[3891,3889,3892,3890],"class_list":{"0":"post-6663","1":"europe","2":"type-europe","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-cash-flow","8":"tag-codere","9":"tag-ey-audit","10":"tag-losses","11":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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