RBS prepares to tender audit contract

by Naomi Rainey

More from this author

16 Jun 2014

  • Comments
Royal Bank of Scotland

RBS is preparing to tender its audit contract, potentially severing its relationship with current auditor Deloitte from 2016.

The bank confirmed its intention in its annual report, ahead of the group's AGM on Wednesday 25 June.

Deloitte has acted as the company's auditor since March 2000 and was responsible for overseeing accounts ahead of the bank's government bailouts in 2008 and 2009, which left taxpayers with an 81% share of the group.

RBS, which has no contractual obligations restricting its audit appointment, said it set the 2016 appointment date after considering the UK Corporate Governance Code's requirement to tender every ten years, alongside emerging developments in the European Union (EU).

The board will recommend the reappointment of Deloitte at its 2014 AGM, it added.

RBS reported a pre-tax loss of £8.24bn for 2013, with a group operating loss of £2.30bn.

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.