Food producer Tate & Lyle is to switch auditors to EY, ending a 28-year relationship with PwC, following a competitive tender process earlier this year
The company has announced that it plans to appoint EY as its external auditor for the financial year ending 31 March 2019, and resolution to approve the appointment will be put to shareholders at the company's AGM in July 2018.
The move was triggered by the new auditor rotation requirements. PwC will remain the auditor for the financial year ending 31 March 2018.
In a statement, Tate & Lyle said: ‘PwC, or its predecessor firms, has been the auditor of the company since 1989 and the board would like to thank PwC for its years of diligent service to the company.’
According to its 2017 annual report, Tate & Lyle paid PwC a total of £2.7m over the year, of which most related to audit services for the group, its subsidiaries and the pension scheme, while £0.1m was for non-audit services.
