• Register
Return to: Home > News > Ineos and PwC finally parting company?

Ineos and PwC finally parting company?

UK-based private chemicals group Ineos is believed to be parting company with PwC as auditor in a row over tax. Last year the auditor was paid a total of £6.2m, up from £5.1m in 2017.

Earlier this year, The Sunday Times had reported in February that PwC was considering its position as auditor after concerns regarding what the newspaper described as ‘an ambitious tax-avoidance plan being put together by its three most senior executives’. That month, Ineos, controlled by billionaire Sir James Ratcliffe who owns 60% of the company, paid a dividend of EUR 1.45bn to a Luxembourg-based parent company – one of the largest dividend payments ever made by a privately held UK company.

The Financial Times now reports that PwC has been replaced by Deloitte following what it calls ‘a breakdown’ in the relationship between Ineos and PwC.

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.