Royal Bank of Scotland paid its auditor Deloitte £58.8 million in fees just
as the UK taxpayer stepped in to prevent the ailing lender from collapse, the
Herald has revealed.
Deloitte was handed a £27.4 million pay rise on top of the 31.4 million in
fees it earned in 2007, according to RBS’ most recent annual report.
When Deloitte signed off on the troubled institution’s accounts in 2008, it
did not qualify its audit opinion on any grounds, the report shows.
The firm will be recommended for re-appointment as auditor when the bank’s
shareholders convene for their annual meeting on April 3.
Part of Deloitte’s increased fee revenue is due to RBS expanding in size
after swallowing parts of ABN Amro in 2007. Besides the audit, Deloitte was paid
£20.1 million for other services provided to RBS.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016