Greencore switches auditors after fraud
Irish food group switches auditor after uncovering €21m (£16.5m) fraud
Irish food group Greencore has appointed KPMG as its new auditors following
the uncovering of a €21m (£16.5m) fraud.
An internal audit found that significant costs had been concealed at the
Irish group’s Scottish mineral water division. PricewaterhouseCoopers, the
previous auditor, was already facing a probe by the Institute of Chartered
Accountants of Ireland over its work at Greencore,
The loss of the audit contract will be a new blow to the firm.
In addition to changing auditors, Greencore had been expected to seek legal
redress as well as the return of some of PwC’s huge audit fees. In the two-year
period of the fraud, PwC charged Greencore fees of more than €1.6m.