PwC snaps up £1.5m ITV audit contract
21 Nov 2019
FTSE 100 broadcaster and media giant ITV has appointed PwC as auditor from 2021 replacing Big Four rival KPMG
21 Nov 2019
The switch follows a formal competitive tender process led by ITV’s audit and risk committee. KPMG did not tender for the contract as it had been ITV auditor since December 2003 and started to audit the company the first year I'm a Celebrity.. get me out of here, was broadcast.
The board has approved the proposed appointment of PwC as its external auditor to take effect from, and including, the financial year ending 31 December 2021. The last competitive tender took place in 2012 when the company renewed the KPMG tenure.
KPMG LLP will continue in its role as external auditor to ITV for the current and following financial years ending 31 December 2019 and 31 December 2020 respectively.
For year end 31 December 2018, KPMG earned £1.5m for the audit of the group’s annual accounts and its subsidiaries.
Further disclosure on the formal competitive tender process will be set out in ITV's 2019 Annual Report, due to be released in February 2020.
The appointment of PwC has to be signed off by shareholders at ITV's annual general meeting in 2021.
Margaret Ewing, chair of ITV's audit and risk committee, said: ‘We would like to thank KPMG for its significant contribution as ITV's auditors over recent years. Subject to shareholder approval at the 2021 AGM, we look forward to working with PricewaterhouseCoopers LLP in the future.’