PracticeAuditBank of England reveals KPMG’s audit fee

Bank of England reveals KPMG's audit fee

The UK's central bank, which had engaged PwC in the auditor's role for more than 85 years, pays KPMG £640,000 for its maiden audit and other services

The Bank of England paid auditor KPMG a total of £640,000 for its services,
it has reported.

The figure was disclosed in the bank’s
annual
report
and comprised of £210,000 for audit services with the bulk being made
up of £400,000 in tax services.

PwC was supplanted as auditor by KPMG after the bank rang in the changes at
the start of the 2006/7 financial year, but the fees the bank pays for its audit
services have not changed significantly after the substitution.

In its final year as auditor, PwC was paid by £656,000. Breakdowns showed
that £346,000 of the total was generated from audit fees, this figure consisting
of £233,000 for recurring audit work and £113,000 being charged for
non-recurring IFRS transition work.

In its annual report, the bank stated that it is planning a sweeping overhaul
of its operations: ‘Finance will review all control and reconciliation
procedures in 2007/08, including implementation of a number of recommendations
by KPMG, appointed as the Bank’s external auditor in 2006. The process for
reviewing the Bank’s financial framework will also commence in 2007/08.’

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