On June 18th, the Audit Committee of General Electric [GE] – a multinational conglomerate company – selected Deloitte & Touche as its independent auditor for the Company’s fiscal year ending December 31, 2021, ending its 111-year tenure with KPMG. According … Continue reading
Category Archives: Auditor Tenure
Mandatory Audit Firm Rotation in the FTSE 350
Thirty-four FTSE 350 companies are required to rotate audit firms or conduct a tender process by 2023, according to EU Regulation 537/2014. The intention of mandatory audit firm rotation is to improve audit quality by limiting risks of repeated inaccuracies, encouraging … Continue reading
An Overview of European Databases
Audit Analytics offers a suite of data products covering public companies listed on European exchanges across 31 countries in the EEA and Switzerland, which includes comprehensive databases of Audit Fees, Audit Opinions, Auditor Changes, Auditor Engagements, Key Audit Matters, and … Continue reading
FTSE 350 Auditor Changes and Fees
Reply
This post has been updated to display fees in GBP.1 Between 2017 and 2018, 36 companies listed on the FTSE 350 changed their auditors, increasing audit fees for 21 of those companies.2 Effective since mid-2016, Directive 2014/56/EU together with Regulation … Continue reading
Auditor Tenure Disclosure
The requirement to disclose tenure became effective for audits of fiscal years ending on or after December 15, 2017. PCAOB Auditing Standard 3101 – The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion … Continue reading
Implementation of AS 3101
In our recent post, Reasons for an Amended 10-K: 2018, we noted an increase in the number of 10-K/As that were filed citing an auditor’s report as the reason. One possible explanation is the implementation of PCAOB Auditing Standard 3101 … Continue reading
Auditor Tenure among Nordic Indices
In this post, we look at the longest auditor tenures of the companies in the top Nordic indices. This includes a review of 136 companies, with only one having a joint audit. As shown in the graph below, eight of … Continue reading