RETAIL GAS business Centrica is lining up an audit tender in the next couple of years.
The FTSE-listed business has been audited by PwC since it was formed from the demerger of British Gas into exploration and retail businesses.
In Centrica’s 2013 annual report, it has outlined intention to tender its audit before 2017. PwC has been recommended by the audit committee to continue in the role, which will be proposed at Centrica’s next AGM.
PwC received £8.7m in fees for its work with Centrica, which includes £3.1m for non-audit services.
Centrica also stated that Deloitte a range of services during the year, in areas including employment taxes, share schemes, pensions, corporate finance, management consulting and internal audit.
PwC has been hit with a £2.3m fine by the accountancy watchdog over its audits of the financial statements of Cattles and Welcome Financial Services Limited
KPMG has retained its position as the listed company auditor, according to the latest Adviser Rankings.
While everyone values audit quality highly we must be be careful that we don’t let it deter talent. We need to guard against its commoditisation and the threat to a unitary profession
Commissioning and preparing an asset valuation for financial reporting should involve a three way dialogue between the client, valuer & auditor