EU forces Barclays to end its 118-year relationship with PwC
BARCLAYS will have a new auditor from 2017 as new EU rules force the bank to end its historic relationship with PwC and rotate to a different firm, the lender’s annual report shows.
The bank has worked with PwC and its predecessor companies since 1896 and last put the deal out to tender more than a decade ago.
Under new EU rules it has to change auditor by 2020, and so it is not asking PwC to re-apply when it puts the audit position out for its scheduled tender in the coming two years.
Barclays warned the changeover to a different auditor after such a long period brings some risks for the bank.
Its audit committee noted “the complexity and scale of the Barclays external audit and is particularly conscious of the degree of change impacting the business.”
The new arrangements were first reported by Sky News.