BG Group chooses Ernst & Young over PwC for audit
PwC loses its spot as BG's auditor, after 16 years in the role
GAS EXPLORATION group BG has chosen Ernst & Young as its new auditors, after 16 years with PwC.
BG, formed in the demerger of British Gas in 1996, will see E&Y take on the audit role from the start of its 2013 financial year.
PwC, in addition to other firms, was involved in the tender process.
“The board of BG Group would like to thank PwC LLP for the high quality of audit services provided to the group,” BG said in a statement to the stock exchange.
The move will be a blow to PwC, which is struggling to hold onto its audit work at Schroders. PwC also lost Provident Financial to Deloitte. However, the firm picked up Yule Catto earlier in the year.
In response to losing the BG contract, James Chalmers, PwC’s UK head of assurance said:”We operate in a fiercely competitive market where all participants win and lose audits. We are committed to delivering high quality audits for the benefit of our clients and their shareholders.”