Deloitte Wins CRH Audit
Deloitte is set to replace EY as the new auditor of CRH plc, a building firm, for the financial year ending December 31, 2020. EY has been auditor to the building company since 1988 but now it’s looking like Deloitte will replace them as the company’s new auditor.
In its 2018 annual report, the company said that its audit committee succeeded in conducting a tender process that was not only competitive but also transparent for recruiting the right audit firm for the external audit position. EY did not participated in the tender mainly due to time period the firm served in position of the company’s external auditor.
The elements of the criteria set for evaluating the proposals received against the tender of audit services included audit quality, corporate fit, cultural fit and adequate audit experience. After evaluation of the proposals received from different firms, it was decided to invite two of the three firms that participated in the tender process to make final presentations to the group finance director and audit committee. After the final presentations, Deloitte emerged as the final choice for the external audit position at CRH for the fiscal year ending December 31, 2020.
CRH said that the audit committee appreciated the quality of the proposals received and presentations given by all the audit firms, it believes that the experience and strength of Deloitte’s audit team best met the predefined criteria.
The appointment of Deloitte as the company’s next external auditor will be subject to approval by shareholders at the annual general meeting that will be held in 2020.
According to CRH’s annual report, EY received €20m against audit related services along with €1.2m for non-audit services in 2018.