PwC to lose lucrative Fonterra audit contract after 15 years

Sat, 08 Dec 2018

By Rebecca Howard Dec. 7 (BusinessDesk) - PwC will lose its most lucrative audit contract among NZX-listed issuers when Fonterra ends a 15-year relationship that's earned the auditor $94 million. This week Fonterra recommended KPMG be appointed the new auditor for the financial year ending July 2020. The appointment is subject to shareholder approval at the November 2019 general meeting. PwC's appointment was challenged by farmer and former director Greg Gent at this year's annual meeting, who said the relationship had become too close. ...

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