PracticeAuditMore bad news for Deloitte over ScottishPower

More bad news for Deloitte over ScottishPower

Scottish Power backs takeover bid from Iberdrola

A decision by ScottishPower this
week to back an £11.6bn takeover offer from Spain’s second largest electricity
company Iberdrola, is likely to spell the end of
Deloitte’s recently won audit role at
ScottishPower.

A successful bid by Iberdrola would almost immediately hand the audit work
back to Ernst & Young, auditor of
Iberdrola – this
after Deloitte scored a major coup by winning the lucrative contract from PwC.

The tie-up will create Europe’s third largest utility. Scottish Power has
more than 5.2 million UK customers.

According to reports, the offer could trigger rival bids from French utility
EDF and German rival RWE, who have been watching the situation.

Further reading:

Deloitte facing loss of ScottishPower audit 

Deloitte steals ScottishPower from PwC

ScotPower wants US GAAP 

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor