Big firms' audit switches set to double, EY claims
Little more than a week after PricewaterhouseCoopers poached the FTSE 100's most lucrative audit off rival KPMG, another big four accountant today predicted the number of Britain's biggest audits being re-tendered will double this year from last.
EY, the former Ernst & Young, said 10 FTSE 100 firms are already tendering, or about to tender, their audits when only 5 did so in the whole of 2012. The accountant expects another 20 to do so in 2014.
"The trend now is that FTSE 100 companies are more likely to twist than stick," the company said. HSBC, Europe's biggest bank, has employed KPMG since 1991 and paid it £53m in fees last year. It switched to PricewaterhouseCoopers, which also audits both Barclays and Lloyds Banking Group, earlier this month.
Unilever has dumped PwC after 26 years to comply with a rule set up in the wake of questions that have emerged over why accountants gave banks a clean bill of health weeks before they were rescued by taxpayers in the 2008 financial crisis.
The Financial Reporting Council said last year that companies should consider changing their auditor at least every decade in order to end "cosy" long-term relationships.
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Picture of couple posing with beached dolphin 'that later died' causes outrage
- 4 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...