KPMG attacked for C&W audit work

The statement comes after an investors group issued a letter recommending shareholders in the company vote against the reappointment of KPMG because of its dual role at C&W.

Pensions Investment Research Consultants is reported to have claimed that KPMG’s potential reappointment at the annual general meeting next week ‘raises a fundamental question mark at the heart of corporate governance’.

Last year KPMG earned £2.7m in audit fees from C&W and £12.4m for consultancy work in the UK.

A spokesman for C&W said: ‘We don’t believe that it affects their position as auditors.’

He added: ‘Their appointment as auditor does not put them at a disadvantage and we don’t believe they expect preferential treatment.’

C&W last year used all Big Five firms for various services as well as other consultancies in spending that amounted to £62m.


KPMG website

C&W home page

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