More 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

New FRC Corporate Governance Code focuses on culture and diversity

Audit New FRC Corporate Governance Code focuses on culture and diversity

17h Lucy Skoulding, Reporter
PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

Audit PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

2w Alia Shoaib, Reporter
FRC to investigate KPMG’s Conviviality audit

Audit FRC to investigate KPMG’s Conviviality audit

2w Alia Shoaib, Reporter
June news roundup with Alia Shoaib

Audit June news roundup with Alia Shoaib

3w Alia Shoaib, Reporter
FRC opens investigation into Deloitte’s audits of SIG

Audit FRC opens investigation into Deloitte’s audits of SIG

3w Alia Shoaib, Reporter
PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

4w Alia Shoaib, Reporter
FRC reports an “unacceptable deterioration” in KPMG audit quality

Audit FRC reports an “unacceptable deterioration” in KPMG audit quality

4w Alia Shoaib, Reporter
PwC fined a record £10m over BHS audit

Audit PwC fined a record £10m over BHS audit

1m Alia Shoaib, Reporter