PwC wins Vodafone audit contract
PWC has been appointed as the new auditors of Vodafone after Britain’s second-largest listed company replaced its auditor for the first time since listing on the stock market.
The Big 4 firm has replaced rival Deloitte. Deloitte had audited Vodafone’s accounts for the past 26 years, and was paid £8m in audit fees by Vodafone in 2013, plus £1m in audit-related fees and £400,000 in non-audit fees.
Vodafone put their audit contract out to tender earlier this year for the first time in 26 years. Read more in our previous blog Big 4 firm may lose major Vodafone audit contract
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 UK Competition Commission requires companies to tender their audit every ten years, while European politicians are pushing through rules that will force auditors to be replaced within a similar time period.
Notable audits to have changed hands recently include: Berkeley Group; Marks & Spencer; and Unilever. Read more about these in our previous blogs;
PwC picks up lucrative HSBC audit
Unilever appoints audit firm KPMG as new auditor
Big 4 audit firms appointed as new auditors for Berkeley Group and Marks & Spencers
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