Sage begins audit tender process
Tender process for Sage's audit work expected to be completed in 2014
SAGE’S £2m audit is up for grabs, after the FTSE 100 business software specialist announced plans to tender the work this year.
The audit, which has been undertaken by PwC since 1988, has been put to tender as Sage’s audit committee has taken into account new UK and European regulation, which is looking to encourage more competition in the market.
The current audit engagement partner’s five-year rotation finishes on 30 September 2015, the period for which the audit tender will be completed. Sage has not said whether PwC will compete in the process.
A large proportion of listed company audit tenders are expected to take place in the next three years, as companies consider tender and rotation governance guidelines and audit engagement partners reach the end of their tenure.
Last Friday several major UK businesses, including Johnson Matthey and Qinetiq, announced plans to tender their audit in 2017.
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