PwC to take over from Deloitte as Diploma auditor

PwC to take over from Deloitte as Diploma auditor

Diploma decided to undergo an audit tender process as Deloitte is approaching its 10 year anniversary as group auditor

PwC will take over from Deloitte as auditor of Diploma Plc following a competitive tender process.

Deloitte will continue to audit the group for its 2017 financial statements after which PwC will take over, subject to shareholder approval in their annual general meeting in January 2018.

Diploma’s audit committee chair Anne Thorburn explained that the committee was “satisfied” that Deloitte had “carried out a robust and effective audit with appropriate challenge of executive management”, but that they had decided to undergo an audit tender process as Deloitte is approaching its 10 year anniversary as group auditor.

She explained that PwC was chosen as successor as they fulfilled the “principal criteria of capability, audit quality and cultural fit”.

The FTSE 250 company’s financial statements show that Deloitte earned £500,000 for its 2016 audit and £13,000 in non-audit fees.

Due to audit tender rules, several audits have switched hands between the Big Four as of late.

Recently published auditor rankings showed Deloitte coming out on top with most FTSE 250 audit clients, but PwC reigning with highest market cap for both FTSE 100 and FTSE 250 companies.

Whitepaper

The Future of Finance is in the CFO's Hands

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

6m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

7m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

7m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

8m

Related Articles

New research shows multidisciplinary firm structure to improve audit quality

Accounting Firms New research shows multidisciplinary firm structure to improve audit quality

2w Leanna Reeves
Thomas Cook: Case for investigation to be assessed by FRC

Accounting Firms Thomas Cook: Case for investigation to be assessed by FRC

3w Chris Jewers
Deloitte reports revenue rise of 10.9% to £3.97bn

Accounting Firms Deloitte reports revenue rise of 10.9% to £3.97bn

2m Chris Jewers
PwC accountant caught with 1700 upskirting images on phone

Accounting Firms PwC accountant caught with 1700 upskirting images on phone

3m Chris Jewers
FRC audit inspection finds no improvement on last year

Accounting Firms FRC audit inspection finds no improvement on last year

3m Chris Jewers
PwC forges maritime supply chain link with Pole Star

Accounting Firms PwC forges maritime supply chain link with Pole Star

1y Chris Warmoll, Writer
David Sproul, Senior Partner and Chief Executive, Deloitte

Accounting Firms David Sproul, Senior Partner and Chief Executive, Deloitte

2y Lucy Skoulding, Reporter
Financial Power List 2018: 1-5 revealed

Accounting Firms Financial Power List 2018: 1-5 revealed

2y Lucy Skoulding, Reporter