PracticeAuditFortis board plans switch to KPMG

Fortis board plans switch to KPMG

Move to KPMG is set to improve efficiency of the audit procedure, with Fortis and its subsidiaries being audited by a single firm

The directors of Fortis bank are planning to nominate KPMG as sole auditor at
the 2008 AGM.

This follows a consideration of a tender by its two existing auditors, KPMG
and PwC, since last year.

The decision is set to improve efficiency of the audit procedure, with Fortis
and its subsidiaries being audited by a single firm.

Fortis historically worked with two auditors following the merger of AMEV and
the Belgian insurer AG Groep, Dow Jones reported.

But the directors decided to switch to a single audit firm following an
increase in cross-border business.

The 2008 annual accounts will still be audited by the existing firms but KPMG
will take over next year’s accounts if it is appointed at the AGM.

Further reading:

Fortis
board names KPMG as sole auditor as of 2009

Fortis
Quarterly Profit Falls on Subprime Writedowns

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