PracticeAccounting FirmsPwC scoops Rolls-Royce audit as tender results pile up

PwC scoops Rolls-Royce audit as tender results pile up

KPMG loses 26-year audit of Rolls-Royce to PwC, as other listed businesses announced tender results

PwC scoops Rolls-Royce audit as tender results pile up

PwC IS TO TAKE OVER the Rolls-Royce audit, as numerous listed businesses reveal tender results.

Rolls-Royce has announced that PwC will replace KPMG as its auditor. Following the conclusion of a formal tender process led by the company’s audit committee, the board has approved the appointment of PwC. The Big Four firm will be auditing for the financial year commencing 1 January 2018.

The appointment remains subject to approval by the shareholders at the AGM, to be held in 2018. KPMG has been Rolls-Royce’s auditor since 1990. The board of Rolls-Royce has extended its appreciation to KPMG for its contribution over the many years.

Additionally, the healthcare communications and PR group Huntsworth also announced a change of auditor for the year ending 31 December 2016, as EY submitted its resignation in effect from 6 December 2016. PwC will be the statutory auditor going forward.

Swiss iron ore company Ferrexpo also announced a change of auditor to Deloitte from EY, for the financial year commencing 1 January 2017, subject to approval in the May 2017 AGM.

Last week KPMG scooped the Legal and General audit from PwC, having also beat its Big Four rival to Standard Life earlier in the year. The number of audit tenders has ramped up in the last three years, after a regulatory direction of travel was set to enhance competition and quality in the market. These European and UK edicts called for mandatory tendering and audit-holder swapping every 20 years.

 

Related Articles

PwC’s five strategic priorities for becoming ‘the leading professional services firm’

Accounting Firms PwC’s five strategic priorities for becoming ‘the leading professional services firm’

3d Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

5d Emma Smith, Managing Editor
PwC publishes 12.8% BAME pay gap

Accounting Firms PwC publishes 12.8% BAME pay gap

6d Emma Smith, Managing Editor
EY reports global revenue growth of 7.8%

Accounting Firms EY reports global revenue growth of 7.8%

3w Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

3w Alia Shoaib, Reporter
Deloitte global revenues hit record $38.8bn

Accounting Firms Deloitte global revenues hit record $38.8bn

1w Emma Smith, Managing Editor
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

2w Alia Shoaib, Reporter
Partner moves from EY to Smith & Williamson

Accounting Firms Partner moves from EY to Smith & Williamson

3w Alia Shoaib, Reporter