London Stock Exchange swaps big 4 auditors
The London Stock exchange has changed their auditor for the first time since becoming a listed company over 12 years ago. This is the latest company to change auditors since the introduction of the new audit rules brought in throughout Europe and the UK.
The UK exchange are to drop their current Big 4 auditor firm PWC and replace them with Ernst & Young following the completion of the audit for the year ending March 2014.
Earlier this month, the EU audit reform package was adopted, aimed at shaking up the longstanding and cosy relationships between corporate clients and their auditors.
European companies will have to rotate their auditors every 10 years, with the option of tendering a mandate after 10 years and reappointing the same firm for an additional 10-year-period.
As a result there have been a lot of changes of mandates between the Big Four accountancy firms. UK supermarket chain Wm Morrison said last week that it planned to appoint PwC as its auditor, to replace KPMG.
PwC also recently won high-profile audit mandates for HSBC, Vodafone and British Land, but in December lost its mandate with Unilever to KPMG.
Read more in our previous blogs
PwC picks up lucrative HSBC audit
PwC wins Vodafone audit contract
Unilever appoints audit firm KPMG as new auditor
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