Big 4 audit firms appointed as new auditors for Berkeley Group and Marks & Spencers
KPMG have become the new auditors for the housebuilder Berkeley Group while Deloitte are the new auditors for the high street retailer Marks & Spencer, both replacing PWC.
KPMG took over the audit of Berkeley Group from PWC who have been the group’s auditor since 1984. The Berkely Group announced the appointment of McLaren Group CFO Andy Myers to the board as a non-executive. Myers will chair its audit committee from the next AGM, in September 2014.
The company also released strong half year trading figures. The half year figures show an increase of 19.2% in profits to £169.5m, on revenues of £821m.
KPMG also won the audit tender for Unilever, read more about it in our previous blog Unilever appoints audit firm KPMG as new auditor
Meanwhile Deloitte has been appointed the new auditors for Marks & Spencer also replacing PWC who have been the auditor for the company since 1926.
Earlier this year PWC picked up the most lucrative audit in the FTSE 100, HSBC. Read more about it on our previous blog PwC picks up lucrative HSBC audit
Many more audit tenders are expected to come onto the market in the near future as a result of the FRC’s ten year “comply or explain” tendering guidelines and the Competition Commission rules stating FTSE 350 companies must put their annual audits out to tender every ten years.
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