PwC gains audit, but loses non-audit work
PricewaterhouseCoopers has today (Friday) won a new FTSE-100 audit client beating the company's former auditors Deloitte & Touche and embattled firm Andersen.
But, PwC’s new audit contract for Brambles Industries, the pallets and waste management giant, means the firm will lose out on lucrative non-audit services.
The company board today confirmed the auditors will not be able to carry out any consultancy, IT and internal audit work for its new audit client.
‘Plans to carry out any other non-audit work by PwC for its client will have to approved by the company’s audit committee,’ said a statement from Brambles.
The company said: ‘Non audit work is prohibited where independence may be compromised or conflicts arise.’