Deloitte overtakes PwC to drive off with Inchcape audit
Inchcape, the automotive distributor and retailer, has appointed Deloitte as its auditor following a tender process, replacing PwC which has been in the audit driving seat at the FTSE 250 company for more than 20 years
5 Dec 2017
A resolution to approve the appointment of Deloitte will be put to shareholders at the company's annual general meeting on 24 May 2018. The firm will be the company’s auditor for the financial year ending 31 December 2018.
In a statement, Inchcape said: ‘PwC, or its predecessor firms, has been the company's auditor for over twenty years and the board would like to thank PwC for its years of service to the company.’
According to its 2016 annual report and accounts, Inchcape paid PwC a total of £3.5m during the year, which included £500,000 for non audit services.
The report noted that recent changes to the rules regarding mandatory auditor rotation had triggered an audit tender process.
Report by Pat Sweet