BDO Stoy Hayward is to be retained as financial auditor to The Body Shop despite the retail giant’s announcement of a four-year link-up with KPMG.
KPMG will provide non-financial audit services for The Body Shop’s worldwide operations. Internal auditors from The Body Shop will also join the Big Five firm to boost its ethical and environmental reporting team.
They will form a new service which will help companies develop and assess their performance in environmental management, an area which the firm believes could be worth #20m in fees within three years.
David Coles, partner in charge of KPMG’s Sustainability Advisory Services, said: ‘We believe that oil, chemical, pharmaceutical, mining and utility companies will be closely examining environmental reporting. Retailers and consumer goods manufacturers will be interested in social reporting. We are already in discussions with several companies in these areas.’
Professor David Wheeler, The Body Shop’s director of environmental and social policy, will be joining the new KPMG team on a part-time basis.
He said discussions on the link-up began more than a year ago, and added KPMG was chosen because of its strong record in the area.
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