SSL replaces Andersen with KPMG

In a statement the makers of Durex condoms and Marigold gloves said: 'The company announced at its annual general meeting in July that the role of group auditor would be put out to competitive tender.'

'This process is now completed and KPMG have been appointed effective immediately.'

The announcement comes after months of speculation on who would succeed sacked auditor Andersen. Although SSL re-appointed Andersen at its annual general meeting in Manchester last Thursday, it told shareholders it would be review the position of its auditors.

The company reported in May it stood to lose Pounds 50m after the discovery that it had sold its customers Pounds 63m of excess stock. Investigators from the Serious Fraud Office are currently looking into the company in conjunction with the Cheshire Constabulary.

The discovery led SSL to launch an investigation by KPMG forensic accounting. Following the probe, the company restructured its executive board. Prior to the discovery of the error the company had appointed Garry Watts, formerly of KPMG, as finance director to replace Paul Sanders, who became chief financial officer at Baltimore Technologies.

Links

Andersen faces sack as SSL probes accounts.

Fraud office confirms SSL probe

SSL to ditch Andersen after probe

CFO Sanders steps up at Baltimore

Fraud office focus on SSL

Andersen facing crucial SSL vote

Andersen faces sack from SSL

KPMG probe £50m stock error at SSL

Remaining directors quit SSL