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.’