EY takes another bite out of FTSE 100 audit menu with ABF win

EY takes another bite out of FTSE 100 audit menu with ABF win

The £9.1m Associated British Foods account has been monopolised by KPMG since 1935 - a year before Edward VIII's abdication

EY is to tuck into another lucrative slice of the FTSE 100 audit market after securing the Associated British Foods (ABF) account from rival KPMG, which has audited the company for over 70 years.

The £9.1m account, of which £3.2m is derived from non-audit work, has been monopolised by KPMG since 1935 – over a year before Edward VIII’s abdication.

Pending full shareholder approval at ABF’s AGM in December, EY will take up the reins for the 2016 audit of the world’s second-biggest producer of sugar and owner of a diverse portfolio of household consumer brands such as Ovaltine and Mazola.

Hywel Ball, EY’s UK head of audit, comments: “We are incredibly proud to have been proposed as auditors to this impressive global FTSE 100 business. ABF is a leader within its industry and we look forward to working with the board as they continue their growth plans for the future.

“Since January, EY has been proposed or selected as auditors to four of the country’s largest businesses, including Royal Dutch Shell. New EU audit reforms have increased the number of audits that are coming up for tender, while our global scale, innovative approach to the audit, and deep sector insights ensures that we are well-positioned to serve these companies.”

Associated British Foods is the latest large UK corporate win for EY which include RELX group, RBS, Sainsbury’s and the BBC.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource