ERNST & YOUNG has continued its run of high-profile audit wins by picking up the audit of Spanish flag carrier Iberia.
The Big Four firm already vets the accounts of British Airways and parent company International Consolidated Airlines, with the Iberia audit having been previously retained by Deloitte after the merger with British Airways.
“This latest win further enhances our leading global airline credentials, which was a key differentiator in the eyes of IAG,” said Hywel Ball, head of assurance at E&Y.
The Iberia audit is the latest of a series of successful audit tenders by the firm. Earlier this month, E&Y replaced PwC as auditors of Land Securities after the firm had vetted the books of Britain’s largest property developer for its entire 69-year history. E&Y also came out on top when it succeeded PwC as auditors of FTSE 100 oil and gas explorer BG Group.
Other large businesses are taking similar actions after the UK reporting watchdog revised the corporate governance code to require FTSE 350 businesses to put their audits out to tender every ten years – or explain why they didn’t.
The Competition Commission has also recommended that large-listed companies be forced to rotate or tender their audit every seven, ten or 14 years. In February, an investigation by commission found a lack of competition meant audits were failing to fulfil their intended purpose.
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