From 2020, Deloitte is to takeover as auditor of construction firm CRH from Big Four rivals EY, it has been announced.
CRH has been audited by EY since 1988, however due to the length of its tenure the size of the firms non-audit related work for CRH, it decided it was time to appoint a new auditor. Over the course of 2018, CRH paid EY £1m in non-audit fees representing 6% of the £17.2 million in total fees it paid to the Big Four firm that year.
The construction firm held a competitive tender process at the end of 2018, inviting three firms to apply for the contract, EY was not invited to compete however the company said this did not reflect on the firm’s ability as an auditor adding that the change “did not compromise [EY’s] independence or integrity”.
The company’s end of year report added: “[While] the Committee appreciated the quality of the proposals presented by all the firms, it believes that the strength and experience of Deloitte’s team best met the predefined criteria it had set.”