EY is to audit the accounts of Sainsbury’s from 2016 after the British grocer announced plans to replace incumbent auditors PwC, ending a 20 year relationship with the firm.
Sainsbury’s said it decided to drop PwC, which is under investigation for its role in Tesco overstating its profits by £263m, following a recommendation by its audit committee after a formal tender process had been conducted, as stated in its 2014 accounts.
Last month, accounting watchdog the FRC launched a probe into Tesco’s accounting black hole, and audit work undertaken by PwC.
PwC will continue as auditors for the year ending 14 March 2015, having been reappointed at the retailer’s 2014 AGM.
Gary Hughes, chairman of Sainsbury’s audit committee, said: “We would like to thank PwC, and specifically the Sainsbury’s audit partners, for their significant contribution as the company’s auditors over many years. Going forward we expect an orderly transition and look forward to working with EY into the future.”
Brexit shows that majority of UK public have major trust issues with business and political leaders, says PwC's Kevin Ellis
Hall Livesey Brown, which has offices in Tarporley, Chester, Shrewsbury and Wrexham, has merged its practice with Colin F Whitfield & Co.
BDO has announced a worldwide technology and services collaboration with Microsoft that will accelerate the digital transformation of their clients’ businesses
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.