PracticeAuditPwC lead audit partner at Barclays to step down

PwC lead audit partner at Barclays to step down

PwC's Philip Rivett to be replaced as audit engagement partner at client Barclays

PwC’s lead audit engagement partner at client Barclays is to be replaced
after five years in the role.

Philip Rivett, the senior statutory auditor for Barclays, will step down for
the 2010 year-end accounts.

Despite PwC serving as Barclays as its auditor for “many years”, the audit
committee said it was not necessary for the firm to tender for its audit role.

PwC’s fees incurred during Barclays’ year end 2009 were £52m, up from £49m a
year earlier. Its audit fee rose to £23m from £19m, while tax services fees grew
to £9m fro £7m.

Excluded from auditors’ fees were £4m in fees paid to PwC and associates in
relation to discontinued operations.

Further reading:

City
minister warns profession that it faces greater scrutiny

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