PracticeAuditInvestors urged to vote against PwC’s TUI audit appointment

Investors urged to vote against PwC's TUI audit appointment

Investment representatives unhappy about PwC's return to TUI as auditor

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 Articles

The future of the audit industry: From masses of data, to meaning

Audit The future of the audit industry: From masses of data, to meaning

12m Acccountancy Age
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

12m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
BDO appointed new auditor of Game Digital as Deloitte ditched

Audit BDO appointed new auditor of Game Digital as Deloitte ditched

1y Stephanie Wix, Writer
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

1y Kevin Reed, Writer
Audit Reform: A talent tightrope

Audit Audit Reform: A talent tightrope

1y James Roberts, BDO
Three ways audit executives can increase impact and influence

Audit Three ways audit executives can increase impact and influence

1y Richard Crump, Writer
Audit Reform: Hard labour for audit committee chairs?

Audit Audit Reform: Hard labour for audit committee chairs?

1y James Roberts, BDO