Business · Companies · 8 hrs ago
Big Four firms skip audits for Spain’s major unlisted public companies
Deloitte, EY, PwC and KPMG have stepped back from auditing many of Spain’s largest state-owned companies that are not listed on the stock market.
The companies include Renfe, Correos, RTVE and the state rail infrastructure operator Adif.
The Big Four’s absence from recent tenders has left mid-sized audit firms winning the contracts.
The firms are said to be deterred by low fees and reputational risks, while consulting work can be more attractive.
At RTVE, PKF Attest won the audit contract for 2026 to 2028 after it was the only firm to bid, for €235,665.
Tragsa is the only one of the largest public companies audited by a Big Four firm, KPMG.
Deloitte, EY, PwC and KPMG did not bid for recent audits of most of Spain’s major unlisted state-owned companies.
The contracts have gone to mid-sized audit firms, with Tragsa the only major public company named in the article that is audited by a Big Four firm.
The article says low fees, reputational risks and the appeal of potentially incompatible consulting work have reduced the Big Four’s interest.
Examples include contracts for RTVE, Renfe, Correos, Adif and the Official Credit Institute.
- Who
- Deloitte, EY, PwC and KPMG have not bid for recent audits of most of the major unlisted public companies named.
- What
- The Big Four have largely withdrawn from this audit market, leaving contracts to mid-sized firms.
- When
- The article was published on 10 November 2026. It describes recent tenders and contracts covering several financial years.
- Where
- Spain.
- Why
- The article cites low fees, reputational risks and the attraction of consulting services that are incompatible with audit work.
This story does not have two clearly opposing sides.
PKF Attest won a contract to audit Ineco’s individual and consolidated annual accounts for 2024.
RTVE awarded its audit contract for 2026–2028 to PKF Attest after it was the only firm to bid.
- Big Four
- Deloitte, EY, PwC and KPMG
- Tragsa
- The only major public company named as audited by a Big Four firm; its auditor is KPMG
- RTVE audit contract
- €235,665, awarded to PKF Attest for 2026–2028
- Renfe audit contract
- €1.03 million, awarded to PKF Attest after a second tender
- Correos auditor
- Grant Thornton, for the 2023–2025 accounts; the service was extended by one year at a total value of €689,782