KPMG retains Greggs audit contract
KPMG have managed to retain their audit contract with Greggs, the pie and sandwich chain. The Big 4 firm has been Greggs’ auditors since the retailer listed on the London Stock Exchange in 1984. Greggs have not put their audit contract out to tender since 1984.
It was announced in the company’s annual report in 2013 that the tender process would begin in March of this year. KPMG managed to retain it audit contract with Greggs. Last year it was reported that KPMg was paid more than £160,000 for their work.
A number of audit tenders have arisen in the past 12 months, many driven by revised UK governance rules and impending EU-backed legislation to create more competition in the market and increase quality.
But, as in Greggs’ case, not all tenders have led to new auditors.
There have been many changes of audit contracts recently, mainly involving the Big 4 audit firms, including Barclays Bank, BBC and the London Stock Exchange.
Read more in our previous blog Big 4 audit firms see a lot of swapping of audit contracts
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