Stock exchange ditches auditor

Marion Dakers
THE LONDON Stock Exchange has picked EY as its new auditor, becoming the latest blue-chip company to shake up its accounting relationship.

PwC has audited the LSE’s books since the accounting group was formed in 1998 from the merger of Price Waterhouse and Coopers & Lybrand.

EY, formerly known as Ernst & Young, will take on the mantle after the stock exchange’s accounts for the year to March 2014 are completed, the LSE said yesterday.

Listed firms will soon be forced to tender their audit contracts every 10 years under EU law.