Big 4 firm Deloitte win the audit contract for Spirax-Sarco
Big 4 audit firm Deloitte have won the audit contract for Spirax-Sarco Engineering. The big 4 firm are replacing fellow big 4 audit 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.
The change of auditors is from a recommendation by the audit committee and followed a very competitive tender process. The change of audit firm is still subject to the approval of the shareholders at the 2014 Annual General Meeting.
Deloitte have recently been appointed as new auditors to the high street retailer Marks & Spencer. Read more in our previous blog Big 4 audit firms appointed as new auditors for Berkeley Group and Marks & Spencer. KPMG also become the new auditors for the housebuilder Berkeley Group
There has been a lot of movement in the audit market recently. KPMG also won the audit tender for Unilever, Unilever appoints audit firm KPMG as new auditor. Earlier this year PWC picked up the most lucrative audit in the FTSE 100, HSBC. Read more about it on our previous blogPwC picks up lucrative HSBC audit
Many more audit tenders are expected to come onto the market in the near future as a result of the FRC’s ten year “comply or explain” tendering guidelines and the Competition Commission rules stating FTSE 350 companies must put their annual audits out to tender every ten years.
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