Posts Tagged “audit firm”

Auditing firm Grant Thornton interviewed a large number of chief executives, managing directors, chairmen and other senior executives of listed and private businesses to get their views on the euro.

Over 90% of the 3,100 interviewed wanted the single currency to remain in operation with three in four stating that being in the euro had benefited their company. The senior company executives in the European Union still strongly support the single currency.

Companies in France and Germany were less optimistic on the prospect of further integration between member states compared with this time last year. In Germany, 55% of companies are now open to further economic integration, down 20% from this time last year. In France, support has dropped 12% to 57%.

France and Germany have usually been the driving forces behind the EU project and together they account for nearly half of the Eurozone GDP but now they are now united in further integration to Europe.

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Big 4 firm PWC has completed its acquisition of Booz & Co following regulatory and partner approval. Booz & Co is an international consultancy business and currently employs around 3,000 staff including 130 partners worldwide.

Booz & Co are now to become part of the PWC network and the consultancy firm will now be known as Strategy &, which will be used alongside the PwC name and brand.

The company has already rebranded its website to Strategy &.

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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

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Big 4 firm PWC has won the audit contract for Electrocomponents, replacing rival Big 4 firm KPMG as auditors. Electrocomponents are a FTSE 250 distributor of electronics and maintenance products.

PWC’s appointment as auditors is still subject to approval by the shareholders at the company’s Annual General Meeting this year.

Electrocomponents intends appointing PwC as group auditor for the year ending 31 March 2015. KPMG will continue in the role and will undertake the audit of the group’s consolidated accounts for the current financial year.

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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.

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Big 4 firm KPMG has kept its £9m audit of Standard Chartered. Standard Chartered put the audit contract out to tender in August last year and it was expected that KPMG, who have been the banks auditor for 40 years, would lose the audit.

The bank is expected to confirm KPMG’s reappointment in its annual report in the spring.

The bank is undergoing major restructuring which will see its wholesale and consumer banking divisions combined. Also it has been announced that the banks finance director Richard Meddings will be stepping down at the end of June this year.

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In the last few months Deloitte has won many major audits but they may face losing the Vodafone audit contract. Vodafone has put its audit out to tender for the first time in 26 years. Vodafone has not changed auditors since it was listed on the stock market.

Deloitte was paid £8m in audit fees by Vodafone in 2013, plus £1m in audit-related fees and £400,000 in non-audit fees.

Vodafone is considering replacing Deloitte as its auditor following a Competition Commission report that suggested companies should tender their audit every ten years. Also the move comes as European and UK policymakers are implementing new rules intended to open up the large-listed audit market to greater competition.

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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.

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KPMG have become the new auditors for the housebuilder Berkeley Group while Deloitte are the new auditors for the high street retailer Marks & Spencer, both replacing PWC.

KPMG took over the audit of Berkeley Group from PWC who have been the group’s auditor since 1984. The Berkely Group announced the appointment of McLaren Group CFO Andy Myers to the board as a non-executive. Myers will chair its audit committee from the next AGM, in September 2014.

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