Public transport specialist Stagecoach Group has appointed EY as its external auditors, replacing PwC who have held the position for over a decade
EY is appointed for the financial year ending 30 April 2017, subject to shareholder approval at the 2016 AGM. PwC will undertake the external audit for the year ending 30 April 2016.
PwC have been Stagecoach Group’ auditor since 2002, which was also the last time the company carried out a formal tender process.
According to the 2015 annual report, the firm was paid a total of £976,500 in fees, made up of £834,000 in audit fees and £142,500 for non audit services.
The annual report stated that the audit committee recommended Stagecoach Group conduct a formal tender process in the light of new rules on audit tendering published by the EU and endorsed by the UK’s Competition and Markets Authority. At the time, the audit committee stated that this did not necessarily intend that there will be a change of auditors as a result of the planned tender.