The UK Statutory Audit and 3rd Country Auditors Regulations (2016) in line with European Law requires a Public Interest Entity (PIE) to appoint a new firm of auditors every 10 years. However, the UK has taken up a member state option to extend this maximum period to 20 years provided the audit is subject to a public tendering carried out at least every 10 years. Tendering at least every 10 years is required for all PIEs.
As a result, Lloyds Bank Group have now changed their Auditor (PwC) after 153 years! Deloitte will be the Bank’s new auditors.