PracticeAuditBank of England ditches PwC

Bank of England ditches PwC

First time on record that Bank has changed auditors

PricewaterhouseCoopers has lost one of its longest running audit contracts
after the Bank of England decided to offer its audit work to Big Four rival,
KPMG.

This is the first time it has changed auditors since record began in 1920.

KPMG will take over from PwC on 1 March having won a competitive tender in
November for a job that carries fees of £723,000 per year, the FT
reported.

The Bank said: ‘It’s standard practice to go through a change of auditors.
KPMG were considered the most suitable candidate. But the decision is not a sign
of dissatisfaction with the previous service provided.’

Tenders were assessed on price and quality, the qualifications and experience
of the bidders, their perceived independence and their understanding of the
central bank’s objectives.

PwC won the Bank’s previous audit tender in 2000.

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