Big news in accountancy land as KPMG overtakes PWC in terms of number of FTSE 100 audit clients, according to the latest data from Adviser Rankings. Although, unusually, we can’t quite get on board with Accountancy Age’s headline ‘KPMG soars past PWC’ given that PWC audits 27 FTSE 100 companies and KPMG..28. This is the first time PWC has lost the top spot, however.
Writing yesterday (3 December) for City AM, Louis Ashworth said: “There has been a substantial shift in audit clients between top firms since 2016, following the introduction of EU legislation which means companies must tender their audit contracts after 10 years, and automatically swap after 20.”
PwC now audits only 27 of the FTSE 100 companies while fellow firm audit 28. Data gathered by Adviser Rankings reveals that this is the first time top accountancy firm PwC have lost its top spot as auditor of the most blue-chip firms in the UK.