Big 4 audit firms see a lot of swapping of audit contracts
Many companies are changing their long term auditors as a result of the new audit rules that have been put in place. The new audit rules state that companies must change their auditors every 10 years. The aim of these new rules is to prevent longstanding and cosy relationships between corporate clients and their auditors as well as having more competition within the audit market.
There have already been a lot of changes in the audit market recently with more and more changes happening.
Some of the most recent changes include Barclays bank where PWC have been the banks auditors for 117 years. The bank is considering when to start the tender process. Last year the Big 4 firm was paid a total of £44m for their services to the bank.
The BBC (British Broadcasting Corporation) has replaced KPMG with rival Big 4 firm Ernst & Young. KPMG was the BBC’s auditors for the last 18 years.
Supermarket chain Morrisons has announced that they are replacing KPMG with PWC as auditors. The change is subject to approval at the AGM in June of this year.
The London Stock Exchange is to replace current audit firm PWC with Ernst & Young. This is the first time the company has changed their auditors since becoming a listed company over 12 years ago.
Other changes within the audit market include;
Insurance group RSA appointed KPMG to take over from Deloitte as auditor in February.
HSBC announced that it is to tender its audit contract with KPMG which had been held for more than 20 years.
KPMG was also appointed to take over from PwC on the audit of fund manager Schroders in January, ending a 50-year relationship with PwC.
PwC also replaced KPMG at Poundworld in February.
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