KPMG has been appointed as auditor of FTSE 100 chemicals company Croda.
KPMG will take on audit responsibilities from 1 January 2018, with shareholders due to vote on the firm’s appointment in April next year at Croda’s Annual General Meeting.
Croda said that as PwC had been the company’s auditor for more than 20 years, in accordance with the Statutory Audit Services Order 2014, the firm had not been invited to retender for the role.
Chairman of Croda, Alan Ferguson, said: “On behalf of the Board, I would like to thank PwC for their service over many years as the Company’s Auditor. We look forward to working with KPMG in the future.”
PwC recently topped the Accountancy Age Top 15 Audit Firms 2017 table with audit income of £1.24bn. KPMG were fourth in the table with income of £498m.
The Q3 all-market auditor rankings from Adviser Rankings released last month, named PwC as the firm with the most FTSE 100 audit clients, with KPMG in second place. KPMG retained the top position in terms of total number of stock market clients.