PwC has lost another longstanding FTSE 100 audit client as Brazilian chemical company Croda International has announced KPMG will take over the audit from PwC for year end 2018
The Big Four firm has been Croda’s auditor since 1970 and will undertake the audit for the financial year ending 31 December 2017. Given the duration of its tenure, Croda’s board said PwC was not invited to tender for the audit.
Overall, the audit fee was worth £900,000 to PwC in 2016, while the non-audit fees were £300,000, bringing total fees to £1.2m. That figure is unchanged from 2015, although the split was £800,000 for the audit and £400,000 in non-audit fees.
Alan Ferguson, chairman of Croda's audit committee, said: ‘On behalf of the Board, I would like to thank PwC for their service over many years as the Company's Auditor. We look forward to working with KPMG in the future.’
Although PwC remains the largest auditor of FTSE 100 companies, both in terms of number and value, its share has diminished slightly. In 2016, PwC took £308m in audit fees from FTSE 100 constituents. In 2017, that figure has fallen to £297m.
PwC has lost FTSE 100 clients including Standard Life Aberdeen and Tate & Lyle in 2017.
Report by Calum Fuller
