BIG 4 firm KPMG retains Standard Chartered audit
Big 4 firm KPMG has kept its £9m audit of Standard Chartered. Standard Chartered put the audit contract out to tender in August last year and it was expected that KPMG, who have been the banks auditor for 40 years, would lose the audit.
The bank is expected to confirm KPMG’s reappointment in its annual report in the spring.
The bank is undergoing major restructuring which will see its wholesale and consumer banking divisions combined. Also it has been announced that the banks finance director Richard Meddings will be stepping down at the end of June this year.
The decision to reappoint KPMG comes during pressure from regulators for large-listed businesses to end longstanding ties with audit firms over concerns of ‘cosiness’.
Rules introduced last year by the UK Competition Commission, as well as previous guidelines set down by the FRC, require FTSE 350 companies to re-tender their audit contracts every ten years have led to many contracts changing hands already.
KPMG is understood to be one of the few FTSE 100 auditors to have retained its work after facing a competitive tender process – the only other being PwC, which was reappointed as auditors of Schroders after KPMG was forced to decline the opportunity because a conflict of interest that emerged following the tender process.
Other companies to have changed auditor include HSBC, which switched from KPMG to PwC, PwC picks up lucrative HSBC audit along with Unilever Unilever appoints audit firm KPMG as new auditor Berkeley Group and Marks & Spencer. Read more here Big 4 audit firms appointed as new auditors for Berkeley Group and Marks & Spencers
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