Anglo American swaps Deloitte for PwC in £7m audit switch
Multinational mining giant Anglo American has hired PwC as its new external auditor, taking over from Deloitte which has been in post for 19 years
3 May 2019
The FTSE 100 company said Deloitte will continue in its role for the current financial year ending 31 December 2019. The firm first started auditing Anglo American, which also has a secondary listing on the South African stock exchange, in 1999, and Anglo American said the UK and EU rules on mandatory audit firm rotation had driven the switch.
Following a formal tender process, the board said it has proposed appointment of PwC as its external auditor to take effect from, and including, the financial year ending 31 December 2020.
The appointment of PwC will be recommended to shareholders for approval at Anglo American's annual general meeting in 2020.
Deloitte was paid a total of $9.3m (£7m) for auditing Anglo American, made up of $1.7m for work on the UK company and $7.6m for auditing its overseas companies, according to the company’s 2018 annual report. The firm also received $2.5m in fees for non-audit services.