Subject: Change of Auditor
From: "Jaime Afonso" <[email-masked]>
To: <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, <s
Cc: "Thomas Ewers" <[email-masked]>
Date: Wed, 26 Aug 2026 09:52:38 +0300

Tähelepanu! Tegemist on välisvõrgust saabunud kirjaga.
Tundmatu saatja korral palume linke ja faile mitte avada.

Dear Council Members,

In consultation with the Chair of Council, Dr Samuel Ritchie, we would like 
to bring to your attention an opportunity that has arisen regarding the 
appointment of ECO external auditor, and to seek your views.

In accordance with Financial Regulation 20.2, Council reviews the 
appointment of the external auditor every fifth year with the decision being 
effective for the audit of the accounts in the following year. The next 
formal review is scheduled for the Spring 2028 Council meeting for the audit 
of the accounts in 2029, because at the May 2023 Council meeting, it was 
decided to retain PwC as auditor, noting that a change was not appropriate 
at that time given ECO's recent transition to a new financial system.

In preparing for the 2028 review, ECO explored the market and received a 
competitive offer from an alternative international auditing firm, Ernst & 
Young (EY). This offer represents a saving of approximately DKK 150,000 over 
the next three years compared to continuing with PwC, while also bringing 
ECO's audit arrangement more closely in line with the spirit of Financial 
Regulation 20.2, which anticipates periodic rotation among reputable 
international firms (PwC has served as ECO's auditor since 2013).

Proposal

Given the financial benefit identified above, we would like to propose 
moving forward with a change of auditor to EY, effective for the 2026 audit 
already, rather than waiting until the 2028 review - which would mean 
forgoing this saving and delaying compliance with the intended rotation 
principle for a further three years.

We recognise that Financial Regulation 20.2 anchors the formal review to the 
Spring Council meeting. However, we believe Council may wish to consider 
this opportunity now, given the timing constraints tied to the upcoming 
November audit cycle, rather than waiting until Spring 2028.

We would therefore welcome Councillors view on this proposal. Please share 
any comments or objections by 21 September 2026. Should no objections be 
raised by that date, we will proceed on this basis and report back to 
Council formally in December.

We remain available to provide any further information or documentation 
Council may find useful in considering this proposal.
Best regards

Jaime

Jaime Afonso

Deputy Director

ECO  European Communications Office
Nyropsgade 37
1602 Copenhagen
Denmark

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