In its 2013 Annual Report and Accounts RBS stated that it was putting the external audit out to tender for 2016 (and future years). RBS has now completed a comprehensive process, overseen by the Audit Committee, which carefully evaluated the offering of each proposing firm, which resulted in a recommendation which has now been endorsed by the RBS Board.
Deloitte LLP (“Deloitte”), who have been the auditor since 2000, will continue in the role and will undertake the audit for the year ended 31 December 2014, having been appointed at the 2014 Annual General Meeting. Subject to shareholders’ approval of their reappointment at the 2015 Annual General Meeting. Deloitte will also undertake the audit for the year ending 31 December 2015 in order to facilitate a smooth transition. Following the finalisation of their terms of engagement, the appointment of EY will be recommended to shareholders for approval at the 2016 Annual General Meeting.