Martinsen, a prominent auditing firm in Denmark, has identified “significant errors” and breaches of the Companies Act within the financial statements of its Copenhagen branch. The errors, discovered after Martinsen acquired the branch (formerly known as Egon Pedersen Revision) in April 2024, include incorrect calculation of turnover and potential issues in previous years’ reports.

The 2023 profit for Martinsen København was initially reported as 2.2 million kroner but has been revised down to 1.5 million kroner, a reduction of 700,000 kroner. Other financial figures, such as gross profit, personnel costs, assets, and debt, have also been adjusted.

CEO René Engborg Sørensen emphasizes that the errors occurred before the acquisition and under previous management. He asserts that the discovery and correction of these errors demonstrate the effectiveness of Martinsen’s quality control system and their commitment to responsibility. Sørensen maintains that this situation does not damage the firm’s overall credibility, stating they have handled the matter with integrity and consistency.

Lars Kiertzner, a state-authorized auditor and former chief consultant in the industry association FSR – Danish Auditors, expressed surprise and concern over the extent of the errors. He described the situation as “embarrassing” and questioned how state-authorized auditors could make such basic mistakes in their own accounts.

The financial statement indicates that the problems may extend beyond 2023, potentially affecting annual reports from 2022 and earlier years. Furthermore, violations of the Companies Act regarding dividend distribution and shareholder loans have been identified. Martinsen has had a Copenhagen office since 2009. The firm identifies itself as the country’s ninth-largest consulting and auditing firm.