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PwC has overcome a challenge from Deloitte to be reappointed as auditor for HSBC, whose accounts it will sign off until 2034.
HSBC confirmed it has reappointed PwC following a tender process that was required as the firm will have served for 10 years by the time it signs the 2024 accounts.
PwC took over the accounts from KPMG in 2015 and was eligible to serve until 2034, subject to a competitive tender at the 10-year mark.
Large UK-listed companies are required to change auditors at least every 20 years and run a competitive tender process once a decade.
PwC and Deloitte were the final two contenders in the bank’s tender process, which began when the bank started to informally contact accounting firms in 2021, people familiar with the process told the Financial Times.
The FT added that HSBC paid PwC $130m (£104.8m) for audit and related assurance services in both 2020 and 2021, meaning the latest appointment could be worth $1.3bn (£1.05bn) over the next decade.
HSBC said further details of the audit tender process and evaluation criteria will be included in its 2022 Annual Report and Accounts, which is due to be published on 21 February 2023.
