Posts Tagged “auditors”

Internal auditors have a strong desire to know more about emerging technologies and improve the way they use technology to perform their duties, according to a new survey.

The survey included more than 600 internal auditors by global consulting firm Protiviti.

Mobile applications and social media are among the top areas of technical knowledge that internal auditors most need to improve, according to the global survey.

Computer-assisted audit tools and data analysis tools top the list of audit process knowledge internal auditors crave the most.

“Internal audit professionals’ plates are more than full as they strive to protect their companies from exposure to risk while assessing new technologies and learning new regulatory requirements and professional standards,” Brian Christensen, CPA, Protiviti’s executive vice president for global internal audit, said in a news release.

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The new audit reforms have been passed in the European parliament on Thursday last. The European politicians voted in favor of the reforms that will see large-listed companies putting their audit contracts out to tender once every 10 years.

Under the new rules listed companies are required to change their auditors every ten years. A company may be eligible to get this period extended by a further ten years if tenders are carried out, and by 14 years if the company appoints more than one firm to carry out the audit. There is also a 70% cap on fees from non-audit work.

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The RSA Insurance Group is to put a cap on the amount of non-audit fees that their auditors can earn. The capped amount will be 25% of the total audit fee.

KPMG which are the company’s current auditors earned a total of £7.2m in 2013, of which £2.2m was for non-audit services. Some £1.3m of those non-audit services related to the identification of financial and claims irregularities in RSA’s Ireland division.

Previous to the appointment of KPMG as auditors, rival Big4 firm Deloitte was the company’s auditors. In 2012 Deloitte earned &15.7m, of which £9.5m related to non-audit services.

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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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