Legal and General lines up KPMG as external auditor

Legal and General lines up KPMG as external auditor

KPMG set to take on the Legal & General audit from PwC, months after also nabbing Standard Life from its Big Four rival

KPMG HAS BEEN PROPOSED as the external auditor for Legal and General, scooping the role from PwC.

Legal and General told the stock exchange that KPMG will take on the audit role, following a tender process (previously announced in the group’s 2015 annual report & accounts).

Current auditor PwC will continue for the financial year ending December 2017 on shareholder approval, prior to KPMG taking the position for the next financial year.

Earlier this year KPMG also scooped the Standard Life audit tender from PwC.

The approval of the appointment of KPMG will be put to the 2018 AGM, and KPMG will observe PwC’s 2017 audit, to ensure efficient transition.

Adrian Stone, head of audit at KPMG: “We are delighted to have been selected for this prestigious audit. This is testament to our commitment to audit quality and sector expertise together with the team’s hard work, passion, energy and enthusiasm.”

Legal & General acknowledged the “strong contribution” PwC has delivered as the company’s auditors over its years of service. PwC has served as external auditor for a number of years, but was not invited to re-tender given its duration of tenure.

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