Westpac has commenced a tender for its external audit services, the bank announced yesterday.
The bank’s present auditor – PricewaterhouseCoopers – “has not been invited to participate in the tender”, the bank said.
“Individuals who were partners of PwC or its antecedent firms have been the external auditors since 1968,” Westpac said.
“The decision to tender the audit reflects best practice for audit firm rotation.”
Which it is. But it makes you wonder why Westpac deferred this decision for so long, being one seemingly forced on the board with PwC engulfed in scandal all year over the tax leaks affair.
Westpac paid PwC A$34.6 million in audit and non-audit fees over the year to September 2023, and $35.7 million in 2022.