PWC HAS BEEN REAPPOINTED as auditors of the British Standards Institution (BSI) following a competitive tender process launched in response to new rules laid down by the UK’s reporting watchdog.
The tender process, which is understood to be the first undertaken by the business standards company in 20 years, was conducted last month as a direct result of changes to the FRC’s corporate governance code.
Introduced last year, the revised code requires FTSE 350 companies to put their audits out to tender every ten years or explain why they didn’t.
PwC was invited to tender along with one other Big Four firm and two mid-tier firms, Accountancy Age understands.
Although the BSI is not listed – it operates under Royal Charter – and is not required to follow the corporate governance code, finance director Craig Smith says the company wanted to be at the “forefront of governance”.
“When the view came around with the new guidelines to rotate tender we did it straight away,” Smith says. He adds that although PwC was reappointed, the process was “robust”.
“We had an extremely lengthy process in terms of resource in that all four firms got to meet the chairman, CEO, chairman of audit committee another non-executive director, myself and all my direct reports at regional and central level.”
The UK Competition Commission is currently consulting on plans to impose mandatory auditor rotation on large listed companies, while the European Parliament voted in April to force companies to change their auditor every 14 years.
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