Barclays appoints KPMG as new auditor, replaces PwC
Barclays said on Friday that it will appoint KPMG as its auditor for the year ending 31 December 2017, ending its 119-year audit relationship with PwC.
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The announcement follows a competitive tender process that PwC was not invited to take part in after Britain’s competition watchdog said big companies needed to change their auditors more frequently.
PwC will continue in its role and will undertake the audit of Barclays until the end of 2016, subject to reappointment by shareholders at the respective annual general meetings.
Tim Breedon, chairman of the Barclays Audit Tender Overweight Sub-committee, said: “We are pleased to have conducted what I believe has been a very thorough, open and transparent audit tender process.”
At 14:24, Barclays shares were down 1.5%.