Many of Britain’s biggest companies have already begun searching for new auditors to replace their existing firms — six years ahead of the EU’s deadline for change, according to partners at the accountants EY and Grant Thornton.
“Tendering is at unprecedented levels,” said Steve Maslin of Grant Thornton. “By the end of this year I expect that 25% of FTSE 350 companies will have tendered or be down that track.”
This activity is explained partly by good organisation, said Isabelle Santenac at EY, but it is also being driven by companies’ concern that if they wait until the last minute they may have a limited pool to choose from, without the sector specialisations needed.
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