Big 4 firm may lose major Vodafone audit contract
In the last few months Deloitte has won many major audits but they may face losing the Vodafone audit contract. Vodafone has put its audit out to tender for the first time in 26 years. Vodafone has not changed auditors since it was listed on the stock market.
Deloitte was paid £8m in audit fees by Vodafone in 2013, plus £1m in audit-related fees and £400,000 in non-audit fees.
Vodafone is considering replacing Deloitte as its auditor following a Competition Commission report that suggested companies should tender their audit every ten years. Also the move comes as European and UK policymakers are implementing new rules intended to open up the large-listed audit market to greater competition.
The process is expected to conclude in February, with a resolution proposing the appointment of the successful firm being put to shareholders at the 2014 annual general meeting.
Deloitte have also taken over the audit contract for Spirax-Sarco Engineering, replacing rival big 4 firm KPMG. Spirax-Sarco Engineering are a FTSE 250 company and are a leading British-based manufacturer of boiler and pipeline control valves for steam heating and process plants. Read more in our previous blog Big 4 firm Deloitte win the audit contract for Spirax-Sarco
Deloitte have recently been appointed as new auditors to the high street retailer Marks & Spencer. They replaced fellow big 4 firm PWC. Read more in our previous blog Big 4 audit firms appointed as new auditors for Berkeley Group and Marks & Spencer.
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