Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Goldman switches to Mazars for European audit

Published 05/20/2019, 11:39 AM
Updated 05/20/2019, 11:39 AM
© Reuters. The logo of Mazars, an international, integrated organisation, that is specialised in audit, accounting, tax and advisory services is seen on a building in the financial district of la Defense near Paris

© Reuters. The logo of Mazars, an international, integrated organisation, that is specialised in audit, accounting, tax and advisory services is seen on a building in the financial district of la Defense near Paris

LONDON (Reuters) - Goldman Sachs (NYSE:GS) International has appointed Mazars to audit its London-based European operations in a major coup for the accounting firm.

The move comes as British lawmakers and regulators are pushing to weaken the grip of PwC, EY, Deloitte and KPMG, the so-called Big Four accounting firms that dominate audits of top companies in Britain.

A Mazars spokesman confirmed that it would be conducting Goldman Sachs International's European audit, which is focused on activities in Britain and Germany. It referred all other questions to Goldman.

Mazars is the eighth-largest auditor by fee revenue in Britain but has struggled to win audit work for many large listed or multinational companies, which almost all use one of the Big Four.

A spokeswoman for Goldman Sachs confirmed the Mazars appointment, which was first reported by the Financial Times.

The U.S.-headquartered bank said Mazars will start in 2021, while PwC will remain the company's group auditor.

© Reuters. The logo of Mazars, an international, integrated organisation, that is specialised in audit, accounting, tax and advisory services is seen on a building in the financial district of la Defense near Paris

Goldman is making the change as new European Union rules require listed companies as well as the European operations of a few major multinationals - which include Goldman Sachs - to appoint a new auditor every 20 years. Goldman has previously used PwC for its European operations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.