PwC Picks up Lucrative HSBC Audit
PwC is a famous institution for the audit of banks and other financial institutes. It has done many audits and among these the most lucrative audit award has been given to PwC. This happened after another firm by the name of Big Four replaced the KPMG and they were then hired as the auditors of the HSBC bank. This is indeed a great approach which was taken by means of this giant leap in the financial scenario of the world. There are many effects observed after the appointment of PwC as the major auditors of big banks. These changes were observed both inside as well as outside the audit company. Presently PwC has been recognized as the main auditors of the banking industry and have been involved in the audit and accounting of many banks and financial institutions.
This was made possible only after the appointment and selection of PwC as the major auditors of huge financial institutions and banks like HSBC Bank. Other than HSBC, this audit instituti0on has also been appointed for auditing of many other major banks like Barclays and Lloyds Banking Group. With this advancement, the business status and approach of this auditing company has been increased further. Before this, the audit of HSBC was done by KPMG.
This is the largest bank in Europe as far as it regards to the market capitalization value. HSBC had paid KPMG £31.5 million since 1991 as the audit fee last year. But now PwC has been hired as the major auditors of HSBC Bank after KPMG and this decision has been taken just recently. The appointment of PwC as the auditor of HSBC Bank was followed after the decision of the Competition Commission. According to this decision, the companies were forced to change their decision of choosing and appointing the auditors.
After that, many banks and financial institutions switched their auditors and accordingly the appointment of PwC took place. Now it has been made compulsory to review the decision of auditing companies after every five years. As a result of this decision, there was more and more rivalry attained among the auditing companies to occupy the top five audit contracts.