KPMG takes a leap into horse racing
The British Horseracing Board has appointed KPMG as its auditor following its sacking of PricewaterhouseCoopers over an embarrassing debacle involving consultancy work.
PwC was dropped in July after consultants at the firm, unaware the board was an audit client, wrote a critical report of its financial plans.
The #35,000 report was commissioned by the Betting Office Licensees Association, critics of the board’s plans for the racing and betting industry.
KPMG fought off three other firms in a tender process.
The board’s finance director, Stephen Atkin, said: ‘KPMG was very competitive on cost. We have had also had significant experience of their work in the past.’
Ian Barlow, KPMG’s UK head of tax, is chairman of the BHB’s tax group, which advises the horseracing and breeding industry on taxation matters, and will act as lead partner.
KPMG has also carried out studies on the economic value of the industry, and the impact further investment would have.
The basic annual fee for the prestigious audit is thought to be around #10,000.