Deloitte receives pay rise as RBS auditor

by Accountancy Age

10 Mar 2009

  • Comments

Royal Bank of Scotland paid its auditor Deloitte £58.8 million in fees just as the UK taxpayer stepped in to prevent the ailing lender from collapse, the Herald has revealed.

Deloitte was handed a £27.4 million pay rise on top of the 31.4 million in fees it earned in 2007, according to RBS’ most recent annual report.

When Deloitte signed off on the troubled institution’s accounts in 2008, it did not qualify its audit opinion on any grounds, the report shows.

The firm will be recommended for re-appointment as auditor when the bank’s shareholders convene for their annual meeting on April 3.

Part of Deloitte’s increased fee revenue is due to RBS expanding in size after swallowing parts of ABN Amro in 2007. Besides the audit, Deloitte was paid £20.1 million for other services provided to RBS.

Auditor of RBS receives £27.4m rise in fees

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.