Deloitte scoops GSK ‘mega audit’ from PwC

Deloitte scoops GSK 'mega audit' from PwC

Lucrative GSK audit shifts to Deloitte from PwC

ANOTHER hugely lucrative audit is set to change hands. Pharmaceutical giant GSK is moving its audit work to Deloitte after PwC’s 15-year reign.

Deloitte will become the audit firm for the year ending 31 December 2018. The GSK audit is the sixth most lucrative in the UK, according to sister title Financial Director’s 2016 Audit Fees Survey – and its latest fees paid to incumbent PwC were £32.5m.

The tender process was overseen by a steering group from within the audit committee, led by former Merck CFO and committee chairman Judy Lewent.

She said: “I am pleased that having conducted a, thorough, open and transparent process, the audit & risk committee has concluded the audit tender.  We would like to thank PwC for their significant contribution as GSK’s auditor since the formation of GSK in 2001 and look forward to working with Deloitte in the future.”

Big Four swap-meet

Numerous audits have changed hands in recent weeks and months, as an upshot of new regulation to impose mandatory tendering that intends to increase competition and quality. However, practically all major audits that have moved have stayed within the Big Four.

Legal and General ditched PwC for KPMG, while EY also scooped an audit from PwC – that of Schroders.

Related Articles

FRC strikes out at PwC's BHS audit quality following leaked report

Audit FRC strikes out at PwC's BHS audit quality following leaked report

1w Lucy Skoulding, Reporter
FRC data on Big Four audits may highlight need for industry overhaul

Audit FRC data on Big Four audits may highlight need for industry overhaul

2w Lucy Skoulding, Reporter
BDO maintains lead in AIM auditor rankings

Audit BDO maintains lead in AIM auditor rankings

3w Lucy Skoulding, Reporter
Another accounting error for BT Group as £500m pension deficit mistake revealed

Audit Another accounting error for BT Group as £500m pension deficit mistake revealed

3w Lucy Skoulding, Reporter
PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

Audit PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

1m Alia Shoaib, Reporter
PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

Audit PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

2m Alia Shoaib, Reporter
FRC opens investigation into Deloitte’s audits of SIG

Audit FRC opens investigation into Deloitte’s audits of SIG

2m Alia Shoaib, Reporter
PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

2m Alia Shoaib, Reporter