PwC gets Weir Group job as engineering giant ends 70 year EY contract
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Glasgow-based global engineering giant, The Weir Group, has ended its 70-year relationship with EY and confirmed that ‘Big Four’ rival PwC is to take over as its new external auditor.
PwC will begin audit and assurance services at Weir, which is one of Scotland’s biggest employers and operates in more than 70 countries making valves and pumps for the energy and mining industries.
The audit handover will take place in time for the financial year commencing 2 January 2016 at the Weir Group’s AGM on 28 April.
EY has been the Weir Group’s external auditor since before its stock market listing in 1946, according to its annual report.
In a statement, the company said: “The board of the Weir Group extends its appreciation to Ernst & Young, the company’s current auditor, for their contribution over many years.”From June this year, public interest entities – including listed companies, banks, building societies and relevant insurers – will be required to put their audit out to tender at least every 10 years and change their auditor at least every 20 years.
The group’s audit committee report said that it “considers the reappointment of the external auditor, including rotation of the audit partner, each year”.
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