Hotel group IHG books PwC for £4.7m audit
12 Aug 2019
Global hospitality chain, InterContinental Hotels Group (IHG) has swapped EY for PwC as external auditor
12 Aug 2019
The FTSE 100 listed hotel group, which includes the Holiday Inn chain among its franchise brands, has been audited by EY since it listed in April 2003. EY was also auditor of the group’s predecessor businesses dating back to 1988, meaning that it had been in post for over three decades.
In its 2018 annual report, the company said it was putting the audit out to tender as set out in EU Audit Regulation Directive (ARD) and Competition and Markets Authority (CMA) rules.
Following the tender process, IHG will put the auditor change to shareholders at its 2021 annual general meeting (AGM), to secure a vote on the appointment of PwC be as IHG's statutory auditor for the financial year ending 31 December 2021.
EY will continue in its current role as external auditor and will undertake the audit of IHG for the financial years ending 31 December 2019 and, subject to reappointment by shareholders at the next AGM, 31 December 2020.
According to the IHG annual report, EY’s 2018 audit fee was $6.2m (£4.7m), while non audit services were $1.6m, giving a combined total fee of $7.8m.
Pat Sweet | 12-08-19