Weir Group appoints PwC as new auditor
The Weir Group has named PwC as its new external auditor, ending its 70-year relationship with EY.
PwC will take over audit and assurance services for the financial year commencing 2 January 2016 at the engineering firm’s AGM on 28 April 2016.
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.”
The Weir Group, which is headquartered in Glasgow and operates in more than 70 countries, first announced it would be tendering its audit in 2014.
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”.
The Weir Group delivers products and services to improve efficiency in the mining, oil and gas, power and industrial markets.