PwC takes over from KPMG at Aberdeen Asset Management
PwC has picked up a new financial services audit client as Aberdeen Asset Management has announced its intention to end its 32-year relationship with KPMG
PwC is to be appointed as the group’s external auditor for the year ending 30 September 2016, subject to shareholder approval at the annual general meeting in 2016. The move is a reflection of the new regulations at UK and EU level surrounding auditor rotation.
KPMG will undertake the external audit for the year ending 30 September 2015, having been reappointed at the 2015 annual general meeting.
Aberdeen Asset Management said the intention to change the group’s auditor follows a recommendation by the audit committee to the board after a formal tender process.
Jim Pettigrew, chairman of Aberdeen’s audit committee said: ‘KPMG has been the group’s auditor since the business was established in 1983 and we would like to thank them for their significant contribution as auditors and for their consistently high standards of professionalism in executing this role. We have undertaken a full and thorough tender process overseen by the audit committee and we look forward to working with PwC in the future.’
According to its 2014 annual report, Aberdeen Asset Management paid KPMG £1.5m in audit fees for the year, plus £600,000 for non audit services.
Source: accountancylive – PwC takes over from KPMG at Aberdeen Asset Management
