PwC wins British Land audit
PWC has won the audit contract for British Land. The big 4 firm replaced rival Deloitte who have held the contract for over ten years. PWC’s appointment is subject to shareholder approval at British Land’s AGM later this year.
According to British Land’s accounts in 2013 Deloitte earned £500,000 in audit fees and £300,000 in non-audit fees.
British Land is the latest in the growing number of large listed companies changing their long term auditors in order to comply with new rules.
These rules introduced last year by the UK Competition Commission, as well as previous guidelines set down by the FRC, require FTSE companies to re-tender their audit contracts every ten years in order to try and break the close ties between the companies and auditors. European policymakers are currently pushing through rules that will force auditors to be replaced within a similar time period.
Berkeley Group, Marks & Spencer and Unilever have all recently appointed new audit firms, while Vodafone has put its audit contract on the market for the first time in 26 years. Big 4 firm KPMG managed to hold onto the Standard Chartered audit contract after it went out to tender last year.
Read more about these in our previous blogs
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