PracticeAuditWetherspoons to replace PwC as auditor

Wetherspoons to replace PwC as auditor

J D Wetherspoon will replace PwC as its auditor, terminating a 34 year relationship

J D Wetherspoon will replace PwC as its auditor, terminating a 34 year relationship.

The pub chain confirmed that after a competitive tender process it is recommending Grant Thornton, top 5 firm, to its shareholders as replacement auditor.

PwC will continue auditing Wetherspoons until 31 July 2017.

European audit reform legislation that came into effect last year requires companies to put their audit out to tender every 10 years. PwC did not put a tender offer in following Wetherspoon’s decision to enforce mandatory audit rotation.

The Big 4 firm earned £217,000 from the FTSE 250 company in 2016, according to Wetherspoon’s annual report.

This follows news that Ukraine has removed PwC’s bank auditing rights.

Grant Thornton recently made appointments to its transaction advisory services and with an independent non-executive director.

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