Personal care and homecare supplier PZ Cussons is to drop PwC as its auditor following a competitive tender process, and plans to appoint Deloitte as its external auditor for the financial year commencing 1 June 2017, subject to shareholder approval at its AGM in September
PwC, the company's present external auditor, will continue to undertake the audit for the current financial year. The firm picked up £1m in fees last year, according to the company’s annual report.
In the 2016 annual report, the company announced its intention to launch a competitive audit tender process during the year, in response to changes in UK and EU law this at least once every 10 years. Its previous auditor assessment was in 2008.
In a statement, PZ Cussons said: ‘The board extends its thanks to PwC for the support and services which it has provided over the course of its appointment.’
According to Accountancy’s FTSE 250 auditors survey, PZ Cussons’ audit fee in 2015 was £1.1m (£700,000 in audit fees and £400,000 in non-audit fees) meaning the company was able to drop their audit fee by £100,000 in 2016.
