PwC’s RETURN as auditors of TUI Travel could be short-lived after further investor protestations yesterday.
The firm had been called back to audit TUI after KPMG had quit the role. KPMG had discovered a £117m black hole in Tui’s British business over a period of seven years between 2003 and 2010.
KPMG had served as TUI’s auditors from 2007, while PwC had previously audited the British business from 2003.
Investor groups have been highly critical that TUI’s German majority shareholder TUI AG wants to bring back PwC. The German group is audited by PwC.
The Guardian reports that TUI Travel’s AGM saw PwC’s appointment ratified during the voting process. However, meetings with TUI and institutional shareholders pre-meeting appeared to bring about a concession from the board.
When asked during the meeting about PwC’s appointment, the TUI board said a new audit committee chairman would be appointed who would consider PwC’s independence for the role.
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