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.

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

4m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

5m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

6m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

6m

Related Articles

Audit news round-up

Audit Audit news round-up

4d Chris Jewers
Mazars make the case for joint audit - Part 2

Audit Mazars make the case for joint audit - Part 2

2w Tom Lemmon
An opportunity for change in the accounting sector – a need for reinvention

Audit An opportunity for change in the accounting sector – a need for reinvention

3w Leon Kahmi, Head of Responsibility
Areas for audit to evolve according to PwC paper

Audit Areas for audit to evolve according to PwC paper

4w Chris Jewers
FRC audit inspection finds no improvement on last year

Accounting Firms FRC audit inspection finds no improvement on last year

1m Chris Jewers
PwC audit changes are “unacceptable”

Audit PwC audit changes are “unacceptable”

2m Tom Lemmon
PwC reveals “big deal” tech plan to boost audit quality

Audit PwC reveals “big deal” tech plan to boost audit quality

3m Dave Beach
Goldman Sachs chooses Mazars for audit – but does it really matter?

Audit Goldman Sachs chooses Mazars for audit – but does it really matter?

3m Tom Lemmon