The bank said it would not invite embattled PwC, its current auditor, to tender for external audit services, citing “best practice for audit firm rotation”.
Westpac is preparing to remove PwC as its external auditor and put the work up for tender in a move that will reshape the audit landscape for the critical financial services sector.
Under emerging corporate governance principles, boards are being encouraged to put audit to tender every five yearsPricewaterhouseCoopers was appointed by Westpac shareholders as auditor in 2002, and individual accountants, who were partners of PwC or its antecedent firms, have been the external auditors since 1968, the bank said.PwC’s take of audit and non-audit work from the five largest banks rose from $98.4 million in the 2017 financial year to $136.
Commonwealth Bank, which also uses PwC for external auditing services, faced questions at its AGM last month from shareholders concerned about its retention of the embattled firm., and while the CBA board had been “concerned about developments” at PwC, it was comfortable the independent audit services it was receiving remained “first class”.
A PwC spokesman said on Wednesday morning it was “proud to have served the shareholders of Westpac Group” and that the firm understood the board’s decision.revealed that a former partner shared confidential government information
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