PracticeAuditPwC’s Schroders audit put out to tender

PwC's Schroders audit put out to tender

Schroders CFO Kevin Parry talks about the audit market, as tender process for the FTSE 100 group's audit continues

PwC’s Schroders audit put out to tender

PWC’s LONG-STANDING GRIP as auditor of FTSE 100 investment group Schroders could be about to come to an end, after the work was put out to tender.

PwC, which has held the audit for more than 50 years since Schroders became listed, earned £2.7m for its 2011 audit work. It earned a further £1.8m for audit- and non-audit-related services during the year.

Schroders’ audit committee stated in last year’s annual report and accounts that it would “review the credentials of other providers” for the 2013 audit.

In an interview with Accountancy Age sister publication Financial Director to appear next week, Schroders CFO Kevin Parry (pictured) said that he was “cautious” of saying that compulsory audit rotation was a good thing.

Parry, a former KPMG divisional managing partner, also called on the government and regulators to focus on improving audit quality rather than investigate competition issues.

“We need more skills, checking and diligence, not trying to get more entrants in the [audit] market – I don’t think that’s the main issue,” said Parry.

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

4w Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

1m Alia Shoaib, Reporter
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

2m Alia Shoaib, Reporter
PwC fined a record £5.1m by the FRC over RSM Tenon audit

Audit PwC fined a record £5.1m by the FRC over RSM Tenon audit

3m Alia Shoaib, Reporter
Toshiba narrowly escapes delisting as PwC finally signs off on accounts

Audit Toshiba narrowly escapes delisting as PwC finally signs off on accounts

3m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

2m Alia Shoaib, Reporter
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

2m Alia Shoaib, Reporter
Latest Big Four auditor changes

Audit Latest Big Four auditor changes

3m Alia Shoaib, Reporter