Why did PwC gain while EY lost share in DAX audits?

Two forces stand out. Mandatory auditor rotation created new tenders, and some boards reacted to the EY Wirecard fallout by seeking a reset. PwC benefited from scale, sector depth, and cross border delivery. Price, independence, and technology also influenced decisions, leading to more wins for PwC and fewer for EY.

How do auditor rotation rules work in Germany and the EU?

EU rules generally limit an audit firm’s tenure to about ten years, with possible extensions after a tender or in joint audit arrangements. Germany applies these rules through audit committees and shareholder approval. The result is periodic tenders where experience, quality indicators, independence, and price are compared across eligible firms.

Will the shift affect audit fees for DAX companies?

It can. New auditors often revisit scoping, IT controls, and subsidiary coverage, which may lift hours and fees in euros, especially in year one. Competition among the Big Four tempers pricing. Investors should compare audit and non audit fees year over year and read the audit committee’s explanation for any big changes.

What should investors watch in the next DAX audit cycle?

Check audit committee reports for the tender rationale, quality criteria, and independence safeguards. In the auditor’s report, review materiality, key audit matters, and any internal control findings. Track fee ratios for non audit services. If an auditor changes, assess the transition plan and whether group coverage or scope changed.

Global Market Insights

January 04: PwC Extends DAX Audit Lead as EY Loses Key Mandates

ByHuzaifa Zahoor January 5, 2026January 5, 2026

PwC has extended its lead in DAX audit mandates, reaching 42.5%, while EY is set to drop to 7.5% as auditor rotation rules and the EY Wirecard fallout reshape choices at Germany’s largest companies. For investors in Germany, audit stability and quality matter. Changes in audit firms can influence fees, internal controls focus, and assurance on ESG data. We explain what the new split means, what to watch in annual reports, and how this could affect governance and risk in 2026.