PWC will replace KPMG as auditors of AstraZeneca, after the FTSE 100 pharmaceuticals company changed the firm that vets its accounts for the first time since the merger of Astra and Zeneca in 1999.
AstraZeneca said PwC will act as its external auditor for the financial year ending 31 December 2017, pending shareholder approval. KPMG, which earned £10m for its audit and audit-related work in 2014/15, will continue as auditors for 2016.
The company had previously said the audit would be put out to tender by 2018 in accordance with the transitional guidance issued by the Financial Reporting Council.
“The proposed change of auditor follows a recommendation by the audit committee to the board based on a formal tender in line with best practice,” AstraZeneca said.
Further information on the tender process will be provided AstraZeneca’s next annual report, due in March.