Weir Group expects to tender audit in 2017

by Richard Crump

More from this author

25 Mar 2014

  • Comments
Ernst and Young New

AUDITORS will have the chance to bid for the audit of Weir Group in 2017 after the FTSE 100 engineering company announced its intention to launch a tender process as it complies with new UK and EU guidance.

In its 2013 annual report, Weir Group said it expects to tender the audit, which has been held by EY since before its stock market listing in 1946, when it coincides with the next rotation of the incumbent lead audit partner.

Under rules introduced by the UK Competition Commission, FTSE 350 companies must now allow accountants to compete for their audit work at least once every ten years, with organisations that tender less frequently than every five years being forced to report in which financial year audit engagements will be put out to tender.

Additionally, transitional provisions relating to mandatory firm rotation introduced within the EU mean that Weir Group is likely to be required to change its auditor within six years from July 2014, effectively the 2020 year end.

The external auditor is required to rotate the audit partner responsible for the group audit every five years and the current lead audit partner has been in place for two years, including 2013.

"After due consideration we expect to tender the audit, at the latest, coincident to the next rotation of the incumbent lead audit partner, which would be for the 2017 year end," Weir Group said in its annual report.

EY earned £2m in audit and assurance fees last year.

Visitor comments

blog comments powered by Disqus

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

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


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



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.


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.