RBS ditches auditors Deloitte after £45bn taxpayer bailout

RBS building

Royal Bank of Scotland is ditching the auditors that reviewed its accounts before, during and after its £45bn taxpayer bailout.

The bank said Ernst & Young would audit its accounts for the financial year ending December 2016 – replacing Deloitte which had conducted audits since 2000.

Deloitte was appointed the year RBS took over NatWest and as Fred Goodwin took the helm of the bank. Goodwin was ousted in 2008 when taxpayers bailed out the bank.

RBS is among a number of banks changing their auditors. Barclays, which has been audited by PwC since 1896, has pledged to appoint new auditors.

HSBC, said to have the most lucrative account for any auditor, has named PwC as its auditor to replace KPMG which had been in place since 1991.RBS had said last year it would put its audit contract – approved each year by shareholders – out to tender and will do so again in 10 years’ time. EU rules require auditors to change after 20 years.

Confirmation of its change of auditor came as the City of London police announced RBS would help the force tackle complex financial crime.

RBS will assist the police at training events and on development projects. Commissioner Adrian Leppard said he hoped it would be the first of many such tie ups with the financial sector.

Powered by Guardian.co.ukThis article was written by Jill Treanor, for The Guardian on Monday 3rd November 2014 19.54 Europe/London

guardian.co.uk © Guardian News and Media Limited 2010


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