EY picks up ICG audit from Deloitte
29 Jan 2019
FTSE 250 financial services company Intermediate Capital Group (ICG) has appointed EY as its external auditor, ending a 30-year relationship with Deloitte
29 Jan 2019
Deloitte has been the auditor of the specialist asset manager since it was founded in 1989.
In its 2018 annual report, ICG said it must appoint a new auditor for its year ending 31 March 2021, in order to comply with new UK and EU rules on auditor rotation. At the time the company said: ‘The tender process was conducted during 2018 to allow as wide a group of participants as possible sufficient time to be able to become independent.’
In a statement accompanying its Q3 trading statement ICG said: ‘Following a competitive tender process led by the audit committee, ICG announces its intention to propose the appointment of EY as its external auditor for the financial year ending 31 March 2021.
‘A resolution to approve their appointment will be proposed to shareholders at the company’s AGM in July 2020. The board expects Deloitte will remain the group’s auditors until the year ending 31 March 2020. To facilitate an orderly transition, EY will also observe the FY20 audit.’
According to the 2018 accounts, Deloitte was paid £1.4m, of which £1m was audit fees and £100,000 was for non audit fees in its capacity as auditor, with the balance coming from other non audit fees.
Omar Ali, UK financial services leader at EY, said: ‘We are delighted to include ICG amongst our UK financial services audit clients.
‘We recognise that choosing the right auditor has been an incredibly important decision for ICG and as a result we are proud to have been selected from among the competition.
‘We are proud of the vital role our profession plays in the functioning of the world’s capital markets and look forward to working on the ICG audit.’
Report by Pat Sweet