Ineos to drop PwC as auditor

Ineos, Britains biggest private company, is reportedly set to drop Big Four accountancy firm PwC as its auditor.

According to Sky News Ineos, founded by one of Britain’s richest men Sir Jim Ratcliffe, has been sounding out potential replacement firms to take over its audit work. The move comes after the two companies clashed over ratcliffe’s decision to move to Monaco in order to reduce the company’s tax bill by up to £4bn.

Also according to sources cited by Sky News the billion dollar chemical company could be looking to appoint a replacement as early as this year.

PwC has been the auditor of Ineos since it was founded in 1998. Ineos made profits of about £2bn last year, and employs more than 17,000 people.

Both Ineos and PwC have been contacted for comment.