FTSE 250-listed strategic outsourcing and energy services company Mitie is set to end its 30-year association with its auditor Deloitte
Deloitte has held the audit post since Mitie was first listed in 1988 and was reappointed in 2012. According to Accountancy’s FTSE 250 Auditor Survey, 47 – approximately 19% - have had their auditor in place for 20 years or more.
The audit committee notes in Mitie’s annual report, released today (23 June 2017), that a tender process to find a new auditor is ‘in the best interests of the company so that a new external auditor can be appointed during the financial year ending on 31 March 2018’.
The audit committee is headed up by chairman Mark Reckitt, who trained as an accountant with Thomson McLintock between 1980 and 1983 before going on to serve as finance director at Cadbury Schweppes.
In 2016, the audit was worth £1.25m, with £1.07m derived from audit work and £170,000 from non-audit fees.
Both Mitie and Deloitte declined to comment.
Mitie was founded in 1987 and is now worth more than £2bn.
Mitie's annual report for 2017 can be read here.
