Accounting firm KPMG has lost out to its big four rival Ernst & Young
over the audit of FTSE 250 engineering company IMI.
KPMG has officially resigned as the company’s auditor in a statement released
to the market today.
The firm had a long standing relationship with IMI serving as auditor for
about 20 years.
The board took the view that for corporate governance reasons, it should
switch to another firm.
IMI was also understood to be impressed with E&Y’s global reach and
integration set up.
Cost was also understood to be a factor, but not one of the main reasons for
The news comes just weeks after KPMG confirmed it won the external audit of
business services firm Rentokil from industry leader PricewaterhouseCoopers.
Read the full market statement
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