PracticeAuditClydesdale Bank ditches KPMG

Clydesdale Bank ditches KPMG

Following a decision of its Australian parent company, Clydesdale Bank has dropped its auditor KPMG in favour of Ernst & Young.

Link: E&Y strengthens financial services arm

The National Australia Bank, which owns the Scottish bank, decided to drop KPMG, its auditor of 85 years, following a £141m foreign exchange scandal, which lead to the departure of former chief executive Frank Cicutto and chairman Charles Allen.

Ernst & Young was thrilled with its new appointment, the Herald reported, and is set to hire an additional five to 10 staff to add to its existing financial services unit in Scotland, which currently stands at 90 people.

Most recent filings with Companies House reveal that KPMG were paid £230,000 in audit and associated fees for its work at Clydesdale.

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