• Register
Return to: Home > News > Regulation > FTSE 350 audit tenders set to double in 2014: PwC UK

FTSE 350 audit tenders set to double in 2014: PwC UK

Among the UK FTSE 350 there could be as many as 56 audit tenders in 2014, compared to 30 tenders in 2013 and 18 in 2012, according to PwC UK data.

The data indicates that as many as one in seven FTSE 350 companies could put their audit contract for tender this year.

As of 8 July, 17 companies had completed tenders this year, 14 tenders had kicked off and seven more companies had put out notifications that they are considering tenders, according to the Big Four firm. "There are 18 other companies expected to review their audit arrangements," PwC said.

PwC UK said these numbers indicate that companies are taking action before the EU rules on mandatory rotation require them to change auditors as well as in response to the Financial Reporting Council's "Comply or Explain" ten-year tendering regime becoming active on 1 October 2012.

PwC UK head of assurance James Chalmers described the tendering activity as at "unprecedented levels".
"Now that there is greater clarity on the implications of the EU rules, companies are able to make decisions on when to tender at a time that makes most sense for their particular circumstances. For some, that means going early, for others it means going later, but - crucially- the choice is still theirs to make."

Related articles
European Parliament votes in favor of audit reform
Big Four merry-go-round or real change?

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.