PracticeAuditDeloitte receives pay rise as RBS auditor

Deloitte receives pay rise as RBS auditor

Big Four firm pockets £58.8 million in fees as bank is bailed out

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.

Auditor
of RBS receives £27.4m rise in fees

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

3m Alia Shoaib, Reporter
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

3m Alia Shoaib, Reporter
Latest Big Four auditor changes

Audit Latest Big Four auditor changes

4m Alia Shoaib, Reporter
FRC closes investigation into PwC over Tesco accounts

Accounting Firms FRC closes investigation into PwC over Tesco accounts

6m Alia Shoaib, Reporter
Deloitte set for brickbuilder Ibstock audit

Accounting Firms Deloitte set for brickbuilder Ibstock audit

1y Stephanie Wix, Writer
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

1y Kevin Reed, Writer
PwC scoops Rolls-Royce audit as tender results pile up

Accounting Firms PwC scoops Rolls-Royce audit as tender results pile up

1y Stephanie Wix, Writer