KPMG loses HSBC audit deal to PwC
Subject to shareholder approval, rival “big four” firm PwC will take over in 2015. Unilever told PwC last month that it would be seeking a new auditor when its term expires next year.
KPMG has checked HSBC’s books since 1991. John Coombe, chair of the bank’s audit committee, said: “We look forward to a constructive and professional relationship with PwC.”
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Hide AdThe Competition Commission has told listed companies to put their audit contracts up for tender every five years, following a report that found some 31 per cent of Britain’s biggest firms have used the same auditor for more than 20 years.
The big-four accountants check the books of every FTSE 100 company except Randgold, the miner that switched from PwC to BDO in 2007.