PwC, auditor for the Bank of Portugal for the past 20 years, was ruled out in favor of Deloitte. The company, headed by Luís Magalhães, also surpassed EY.
The Bank of Portugal exchanged their external auditors after 20 years. Deloitte will succeed PwC, leaving behind EY who also applied for the position. This decision concerns 175 thousand euros per year, plus VAT, according to the Portuguese newspaper Jornal de Negócios, this Friday.
Deloitte will certify the 2017 accounts from the Bank of Portugal and is hindered, until 2022, from providing other services, such as tax consultancy or being involved in management decisions from the central bank.
The contract between Deloitte and the institution headed by Carlos Costa will last five years, until 2021, according to the contract signed on December 14 and published on January 30, in Base.
In total, this new hiring was made for a total of 875 thousand euros — 175 thousand per year of services, adding VAT at the legal rate in force in Portugal at each moment.
Deloitte, headed by Luís Magalhães, will provide auditing services within the framework of the regulator’s external monitoring, but the contract also foresees “specific controls requested by the European Central Bank’s external auditor for assessing the external reserves held by the Bank of Portugal”.