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.
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