KPMG wins Compass audit while Balfour Beatty to put audit out to tender
KPMG have become the new auditors for FTSE food and support services business Compass. The Big 4 firm replaces rival Big 4 firm Deloitte.
Deloitte has been the auditors for Compass for the last number of years. In the 2013 financial year Deloitte earned £7.8m for its work with Compass, of which £3.5m was for non-audit work.
Deloitte may also be set to lose the Balfour Beatty audit. The FTSE 250 construction company is to put their audit out for tender in the second half of 2015.
Deloitte has been auditors for the FTSE 250 Company since 2003 and in the 2013 financial year Deloitte earned £6.9m for its work with Balfour Beatty, of which £2.4m was for non-audit work.
The tender is the latest in what is expected to be a busy few years for the audit market, with listed companies revising their auditors following new regulation to create more competition in the market.
There are new EU and UK rules coming into place to try and encourage greater competition in the audit market. The new rules will see companies putting their accounts out to tender on a regular basis. Read more in our previous blog Preliminarily agreement reached on the EU audit reform
Other movement in the audit market include
Ernst & Young set to lose Weir Group audit
Big 4 firm wins FTSE 250 Derwent audit
Barclays replace PwC as auditors after 120 years
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