Investors urged to vote against PwC’s TUI audit appointment

GOVERNANCE EXPERTS and investors have called on TUI Travel shareholder to vote against appointing PwC as auditors in place of KPMG.

Bodies such as PIRC and the ABI have criticised TUI’s board for proposing PwC as its new auditors.

KPMG stepped down as auditor after relations with some of its client’s board members became strained. The auditor had earlier discovered an accounting error that led to an £88m write-off on “irrecoverable balances”. The error was discovered in a TUI subsidiary that KPMG had audited for just a year, having taken over from PwC.

The discovery also led to the resignation of TUI finance director Paul Bowtell in October last year.

PIRC opposes the reinstatement of PwC at TUI after the discovery of the problems that occurred during its time in a TUI audit role, reported Dow Jones.

The ABI told its members of “deep concerns” with TUI’s plans, according to other reports.


Related reading