Big firms rearrange their audit contracts for the New Year
Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned that one in five FTSE-100 companies has put its audit contracts out to tender this year. As a consequence, a number of multi-million pound mandates is set to change hands during 2015 as firms react to the new rules designed to make auditors more competitive.
Following changes announced at Royal Mail, M&S, Unilever and Morrisons, among others, in the past 12 months, the rest of the biggest firms among FTSE-100 may invite auditors to pitch for work next year.
Recently, PwC has declared that 75 of the FTSE-100 firms who have tendered since October 2012 have ended up switching. Every firm has moved from one to another of the “big four”, PwC, EY, Deloitte and KPMG.
Also, smaller auditors such as BDO have picked up more tax and advisory work with blue-chip companies as these firms aim to keep their potential auditors free from conflicts of interest when they do put the contract out to tender. Due to this, BDO now works with more than 40 of the firms on the index.
As Audit international advanced recently, the Competition and Markets Authority has changed the rules for FTSE-350 companies requiring them to invite pitches for its audit contract at least once a decade. This new legislation came into effect last 1st of January.
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