TORONTO, March 8, 2013 /CNW/ - The Board of Directors of Newgrowth Corp. (the "Company") announced today that it has engaged PricewaterhouseCoopers LLP (the "Successor Auditor") as the Company's new auditors effective May 4, 2013. PricewaterhouseCoopers LLP will audit the Company's financial statements for the year ended June 26, 2013. The Company had previously engaged Ernst & Young LLP (the "Former Auditor") as its auditor.
The change follows a request for proposal initiated by Scotia Managed Companies Administration Inc. (the "Administrator") in late 2012 for all of the investment funds managed by the Administrator. Previously, several audit firms were engaged for the investment funds (the "Funds") managed by the Administrator. Changing and consolidating audit firms is expected to result in cost efficiencies for the Company.
There were no disagreements with the Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure for the period that their auditing services were provided.
The Former Auditor audited the annual financial statements of the Company for the most recently completed fiscal year. Their audit report did not contain any reservations and did not provide a modified opinion. There were also no reportable events between the Company and the Former Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.
The resignation of the Former Auditor and the recommendation to appoint the Successor Auditor was approved by the Audit Committee, the Board of Directors and the Independent Review Committee of the Company.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.C respectively.
SOURCE: NewGrowth Corp.
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