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Darktrace calls in EY after accounts criticism

LSE-listed Darktrace has appointed EY to provide an independent third-party review of its key financial processes and controls, after New York-based Quintessential Capital Management criticised the accuracy of previous Darktrace financial statements last month.

EY will report to the chair of the Darktrace Audit & Risk Committee Paul Harrison.

“The board and management are confident that Darktrace's independently audited public company financial statements fairly represent Darktrace's financial position and results,” said the security vendor and channel player.

“The board and management stand firmly behind the statement made on 1 February, 2023 [when it refuted the criticism] and they believe it appropriate to demonstrate that by commissioning an independent review,” it added.

Darktrace will report its half-year results for the six months ended 31 December, 2022 on Wednesday 8 March, 2023. Darktrace does not expect to be in a position to provide an update on the EY review at that time.

Darktrace said it also “reiterates” the guidance given in its trading update of 11 January, 2023.