DELOITTE’S tenure as auditor of Balfour Beatty is under risk, as the FTSE 250 builder will begin a tender process next year.
In the builder’s annual report, released today, it has outlined its decision to begin the audit tender process in the second half of 2015.
The UK corporate governance code suggests that the tender process should be put out no more than two years of the end of the current audit engagement partner’s departure, which would give Balfour Beatty until the end of 2017 to begin the process. However, it has decided the tender should coincide with the last year of the audit partner’s term.
Deloitte, which has served as auditor since 2003, earned £6.9m in fees from Balfour Beatty in the year ending 31 December 2013, of which £2.4m was for non-audit services.
The tender is the latest in what is expected to be a busy few years for the audit market, with listed companies revising their auditor incumbents following a regulatory drive to create more competition in the market.
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
BDO scoops Global Firm of the Year, as 25 prizes are handed out at the 2016 British Accountancy Awards
It has been another glittering night in the accountancy calendar. A range of practices big and small, plus outstanding individuals, have been rewarded for their efforts in the British Accountancy Awards 2016
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%