Unilever swaps PwC for KPMG as auditor

by Rachael Singh

More from this author

03 Dec 2013

  • Comments
unilever

FTSE100 COMPANY Unilever has announced that PwC is due to step down as its auditor with KPMG picking it up.

EY said it did not pitch for the audit work because it is already a strategic supplier to Unilever. A statement from the firm said: "EY has been a strategic supplier to Unilever for many years and the extent and nature of our services meant we were unable to bid (in the audit tender)."

In a stock market statement Unilever said that after the audit of accounts for the year ending 31 December, KPMG will become the statutory auditor, subject to shareholder approval.

The Anglo-Dutch consumer goods company said it would be handing the £14m-a-year contract to KPMG, subject to shareholder approval at next year's AGM.

Unilever's Audit Committee chairman Byron Grote said: "We thank PricewaterhouseCoopers for their contribution as Unilever's auditors and we look forward to working with KPMG going forward."

According to The Telegraph PwC has been auditor for 27 years, although the last time the company put the audit out to tender was 2002. In the last year PwC has earned an estimated £3m in non-audit work for Unilever.

Earlier this year the Competition Commission said large listed companies must tender their auditor every ten years amid concerns of a lack of competition in the market, which is dominated by the Big Four firms.   

This article has been amended.

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.