Ethical Standard 3 (9773C)

TIDMGOI

RNS Number : 9773C

GoIndustry-DoveBid PLC

09 May 2012

GoIndustry-DoveBid plc / Market: AIM / Epic: GOI / Sector: Support Services

9 May 2012

GoIndustry-DoveBid plc ('the Company' or 'the Group')

Ethical Standard 3

In accordance with the requirements of The Auditing Practices Board's Ethical Standard 3 - 'Long Association with the Audit Engagement', the company hereby discloses that the Audit Committee has agreed the extension of the existing audit engagement partner's involvement to a sixth year, for the year ended 31 December 2011.

Ethical Standard 3 - 'Long Association with the Audit Engagement' states that "in the case of listed companies, save where the circumstances contemplated in paragraph 15 and 16 apply, the audit firm shall establish policies and procedures to ensure that...no one shall act as audit engagement partner for more than five years". Paragraph 16 further states that "In circumstances where the audit committee (or equivalent) of the audited entity decide that a degree of flexibility over the timing of rotation is necessary to safeguard the quality of the audit and the audit firm agrees, the audit engagement partner may continue in this position."

The Audit Committee, cognisant of the fact that the company was undergoing a process which it anticipated could lead to the sale of the company following completion of the audit and, given the relatively short timescale which was being worked towards, concluded that in order to safeguard the quality of the audit it was in the best interests of the company for the existing audit engagement partner to continue in the position and accordingly requested that the audit engagement partner extend his involvement to a sixth year. Baker Tilly UK Audit LLP has agreed that with appropriate safeguards the audit engagement partner will continue in this position for the year ended 31 December 2011.

**ENDS**

 
Jack Reinelt      GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Leslie-Ann Reed   GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Chris Fielding    WH Ireland Ltd             Tel: 020 7220 1650 
Felicity Edwards  St Brides Media & Finance  Tel: 020 7236 1177 
                   Ltd

Notes to editors:

GoIndustry-DoveBid plc, quoted on the London Stock Exchange's AIM market (Epic: GOI), is a global market leader in the provision of asset management, auction and valuation services. The Company delivers innovative solutions that help to value assets accurately, optimise asset utilisation and reduce costs. The Company combines its asset, industry and market expertise, with eCommerce technology to service the needs of multi-national manufacturing corporations, financial institutions, insolvency practitioners, used equipment dealers and asset based lenders around the world.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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