BusinessCompany NewsDeloitte paid £2.5m for Dixons audit work

Deloitte paid £2.5m for Dixons audit work

High street electronic goods retailer Dixons paid its auditor Deloitte £2.5m for its audit work, while KPMG, as internal auditor earned £550,000, the company's annual report has revealed.

Link: Higgs/Combined Code special reporet

The majority of Deloitte’s fees was made up of £0.8m in audit work and £1.3m in tax advisory work, the report showed.

It also revealed that KPMG was paid £493,378 for internal audit work and £58,995 for its advice given on the remuneration report.

‘KPMG LLP who were chosen from a shortlisted panel of three firms of remuneration consultants following written and oral presentations from each,’ Dixons explained in its annual report.

Dixon explained its decision to appoint KPMG saying it was ‘cognisant of the role played by KPMG’ with regard to its audit work, but felt the firm’s ‘credentials…justified their appointment to advise on remuneration matters’.

Overall, the annual report revealed that boardroom pay fell by one-third following a profits warning in early 2003 which wiped out bonuses for its top executives.

Former finance director Jeremy Darroch, now at BskyB, was paid £390,000.

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