Early Equity plc has been forced to change its auditor by the Financial Reporting Council (FRC) after jurisdictional discrepancies over its last audit emerged.

Early Equity Plc has now appointed Haysmacintyre as auditors.

In a statement, the company said: 'On 1 March 2013 Early Equity plc announced its audited financial results for the year ended 31 August 2012. The results were audited by Hong Kong-based Clement Chan, the 'company's principal place of business'

'Since that 25 June 2013 announcement, the UK Financial Reporting Council notified Clement Chan that, whilst they are authorised to audit companies incorporated outside the UK that are listed in the UK, they are not authorised to audit UK incorporated public companies such as Early Equity.

'Accordingly, Clement Chan has resigned as auditor to Early Equity withimmediate effect, and Haysmacintyre has been appointed in their place. Haysmacintyre are engaged to re-audit the accounts for the year ended 31August 2012.'

The statement added that following the resignation, the following confirmations were sought and received from Clement Chan:

'The company's audited financial statements for the year ended 31 August 2012 were prepared in accordance with International Financial Reporting Standards (IFRS) and the audit was performed in accordance with International Standards on Auditing (UK and Ireland);

'Clement Chan have sufficient experience to produce accounts in accordancewith IFRS; and Clement Chan do not expect that the audited figures being prepared by the incoming auditors will be materially different to those previously audited and announced on 1 March 2013.

'The company intends to reissue the audited financial results to the market assoon as the re-audit is completed.'

The company's annual report does not include information about the audit fee for 2012. Early Equity plc was unavailable for comment.