PwC has once more won the business of the British Standards Institute (BSI) after their audit contract was put out to the tender.
The Financial Reporting Council (FRC)’s new rules requiring FTSE350 companies to put their audits out to tender every ten years led the BSI to do so for the first time in 20 years.
Accountancy Age reports that PwC was invited to tender along with one other Big Four firm and two mid-tier firms. Finance director Craig Smith stated: ‘when the view came around with the new guidelines to rotate tender we did it straight away’, adding that although PwC was reappointed, the process was ‘robust’.
‘We had an extremely lengthy process in terms of resource in that all four firms got to meet the chairman, CEO, chairman of audit committee another non-executive director, myself and all my direct reports at regional and central level.’
The UK Competition Commission is currently plans to impose mandatory auditor rotation on large listed companies. Find out more about working in audit.