TaxCorporate TaxKPMG snatches Accenture audit from PwC

KPMG snatches Accenture audit from PwC

Accenture has handed its global audit to KPMG after PricewaterhouseCoopers was forced to stand down because it had failed to offload its consultancy arm, writes Philip Smith.

PwC was asked to resign in November last year after it was unable to give Accenture assurances of when it would be making the sell-off.

The move left the former Andersen Consulting firm with a choice of two Big Five firms – Ernst & Young and KPMG.

E&Y has already sold its consultancy division to Cap Gemini and KPMG floated its US consultancy arm last year, with its European practice expected to be merged into the US company within the next six months.

Deloitte & Touche has consistently maintained it would not sell its consultancy practice, a position that effectively put the firm out of the running for the Accenture audit.

Similarly, Andersen would also have been excluded following the bitter split between the firm and Accenture two years ago.

The news came as Accenture published its annual report for 2001 which showed worldwide revenues of more than $11.4bn (£7.9bn), up 17% on the previous year.

But figures for the first three months of its new financial year showed revenues were flat at just under £3bn.

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