Deloitte ousts PwC as Royal & Sun auditor
Royal & Sun Alliance puts forward Deloitte as new auditor at the expense of PwC
Royal & Sun
Alliance , the insurance giant, is to put forward a resolution at
its May AGM to replace
PricewaterhouseCoopers
with Deloitte as its external auditor for the year ending 31 December 2007.
The move from the insurer is a major coup for
Deloitte
. The audit is one of the most prestigious and lucrative in the capital
markets. The latest figures from Financial Director’s audit fee survey shows
that the group paid out £7.5m in audit and non-audit fees to PwC in the 2005
financial year.
In a statement R&SA said it had ‘enjoyed a long-standing and constructive
relationship with its current auditor, PricewaterhouseCoopers LLP’ but had made
the decision to switch following ‘an extensive review process’.
PwC confirmed that there are no circumstances connected with their ceasing to
hold office that they consider should be brought to the attention of R&SA’s
shareholders or creditors.
Further reading:
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Royal & Sun acts to plug pension hole