Latest big four switch
PwC grabs Virgin Money audit from KPMG
A switch was first indicated in Virgin Money’s 2014 annual report.
Norman McLuskie, chairman of Virgin Money’s audit committee said: “KPMG has been auditor since 2004 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 very thorough, open and transparent tender process, a description of which will be included in the 2015 Annual Report and Accounts.”
KPMG will undertake the audit of Virgin Money for the year ending 31 December 2015.
This is the latest switch following European Union orders that companies must change auditor every five years as part of moves to improve corporate governance.
In spite of this, four accountancy firms – PwC, Deloitte, KPMG and EY – audit most of the companies listed in the FTSE100 index of leading firms.
Despite losing Barclays, Sainsbury’s and Tesco, PwC remains the biggest, with about 40 FTSE 100 companies on its books, including supermarket chain WM Morrisons which also appointed the firm to replace KPMG.