EY HAS EMERGED victorious in the battle to secure the lucrative RBS audit account.
The bank announced that EY had wrested the account from incumbent Deloitte, which has been the institution’s auditor since 2000.
Last year RBS paid Deloitte £30m in audit and audit-related fees. A further £4m in tax and advisory fees were paid to the Big Four firm.
In a statement the bank said: “In its 2013 Annual Report and Accounts RBS stated that it was putting the external audit out to tender for 2016 (and future years). RBS has now completed a comprehensive process, overseen by the Audit Committee, which carefully evaluated the offering of each proposing firm, which resulted in a recommendation which has now been endorsed by the RBS Board.”
Deloitte will continue to audit the bank until the end of 2015.
EY’s appointment will be recommended to shareholders for approval at the bank’s 2016 AGM.