DELOITTE is to replace KPMG as auditors of Spirax-Sarco Engineering, the FTSE 250 steam specialist said in a stock exchange announcement.
The appointment follows a recommendation by the audit committee, based on a comprehensive competitive tender process, and is subject to shareholder approval at the 2014 Annual General Meeting.
The win follows Deloitte’s recent appointment as auditors of Marks & Spencer, after the high street retailer replaced PwC as its book-keeper for the first time since it became a public company in 1926.
Spirax-Sarco Engineering paid KPMG £1.2m in audit fees and £524,000 in non-audit fees last year.
“We look forward to a constructive and professional relationship with Deloitte, in support of the audit committee’s responsibility for oversight over the integrity of financial reporting,” the company said.
There are no matters in connection with KPMG’s prospective retirement as auditors which, in the view of the board, need to be brought to the attention of shareholders.
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