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FTSE 100: Auditors Survey 2016

With a record number of audits in the FTSE 100 switching auditor firms, Philip Smith considers the impact on fee levels, the non audit services (NAS) cap and a slowing volume of tendering activity, as the Big Four audit firms continue to dominate the listed market

It has been a year of unprecedented change in the audit market for FTSE 100 companies. Some 13 audits have changed hands and a further 11 companies have already announced a change for their 2016 year ends, with six more indicating they will switch audit firm for either their 2017 or 2018 year end. In total, this represents more than £223m in audit fees.

More companies are due to announce the results of their audit tender processes in the near future – BP, GlaxoSmithKline, Hammerson and Rolls-Royce all indicated in their most recent annual reports that they would be tendering their audit this year.

Accountancy’s FTSE 100 annual auditor survey reveals the audit market for these blue chip companies is worth £589m, up 10% from £534m in last year’s survey.

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