KPMG retains long-standing Greggs audit work
Big Four firm keeps hold of its slice of Greggs services
THE long-standing auditors of pie and sandwich chain Greggs have retained their role after a tender.
KPMG has served as Greggs’ auditors since the retailer listed on the London Stock Exchange in 1984, during which time no tender has taken place.
Audit committee chairman Allison Kirkby had previously stated in its 2013 annual report that the tender process would begin in March 2014. KPMG was paid more than £160,000 for its audit work, according to the report.
A number of audit tenders have arisen in the past 12 months, many driven by revised UK governance rules and impending EU-backed legislation to create more competition in the market and increase quality.
But, as in Greggs’ case, not all tenders have led to new auditors. KPMG retained its £9m audit of Standard Chartered, continuing its 40-year tenure.