PracticeAuditEY to audit Standard Chartered bank

EY to audit Standard Chartered bank

EY will replace KPMG, who have audited Standard Chartered since 1970

Following a competitive tender process, EY has been selected to audit FTSE 100 banking group Standard Chartered from the year ending 31 December 2020.

Once the terms of engagement have been finalised the appointment will be put forward for shareholder approval in the 2020 Annual General Meeting.

EY will replace KPMG, who have audited Standard Chartered since 1970. Following EU legislation mandating audit rotation KPMG’s tenure is due to expire in December 2020.

Standard Chartered said: “EY and KPMG will commence transition planning to ensure a smooth and effective migration.”

KPMG earned $21.4m (£16.3m) in fees for their audit work from Standard Chartered in 2016.

Further details of the tender process will be published in the group’s 2017 Annual Report and Accounts.

EY UK recently reported revenue growth of 9.2%.

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