Deloitte & Touche to Aid AR Capital with Audit Services
AR Capital, the famous sponsor of multiple non-traded direct investments, today revealed that it is enlisting Deloitte & Touche LLP (Deloitte) to provide internal audit services for the company’s non-traded products.
Nicholas A. Radesca, Chief Financial Officer of AR Capital, explains, “…we will engage Deloitte to conduct our internal audit function on behalf of our direct investment programs.”
The AR Capital family of companies is in the process of recovering from the financial accounting errors and subsequent cover-up of American Realty Capital Properties (ARCP), which is a publicly traded REIT. ARCP and AR Capital both have Nicholas Schorsch as their Chairman of the Board. ARCP’s scandal has rippled through the Schorsch Empire, making waves across the entire industry.
According to Mr. Radesca, engaging Deloitte shows that AR Capital is committed to best practices and high standards.
He added, “I am confident that [Deloitte] will bring significant value by leveraging their deep experience, as well as their established tools and lessons-learned within the industry. We look forward to working closely with Deloitte and coordinating with our audit committees as we continue to enhance our processes.”
The AR Capital companies that Deloitte will be providing internal auditing services for include:
- American Realty Capital Hospitality Trust, Inc.,
- American Realty Capital Daily Net Asset Value Trust, Inc.,
- American Realty Capital Global Trust, Inc.,
- American Realty Capital Global Trust II, Inc.,
- American Realty Capital Healthcare Trust II, Inc.,
- American Realty Capital Healthcare Trust III, Inc.,
- American Realty Capital New York City REIT, Inc.,
- American Realty Capital – Retail Centers of America, Inc.,
- American Realty Capital – Retail Centers of America II, Inc.,
- Business Development Corporation of America,
- Business Development Corporation of America II,
- ARC Realty Finance Trust, Inc.,
- American Realty Capital Trust V, Inc.
