RECRUITMENT CONSULTANCY HAYS has appointed PwC as auditor following a tender process.
PwC’s term as auditor will commence from the financial year beginning 1 July 2016.
This appointment remains subject to approval by shareholders at the Annual General Meeting to be held on 9 November 2016.
The post was worth around £0.9m to incumbent firm Deloitte in audit fees, while it also garnered approximately £0.4m for non-audit work.
There has been an increase in audit changes as EU audit reform looms next month, which will see mandatory tendering every ten years among public interest entities, with mandatory rotation of auditors every 20 years.
The move is intended to open the FTSE 350 market up to more audit firms such as Grant Thornton and BDO, although there have been warnings it could “further entrench” the Big Four’s market position.
That position has been met with some resistance, however, with some market commentators suggesting it could take as long as ten years to see the fruits of the regulation.