PWC has replaced KPMG as auditor of Electrocomponents, the FTSE 250 distributor of electronics and maintenance products has said.
In stock exchange announcement, Electrocomponents said it attends to appoint PwC as group auditor for the year ending 31 March 2015. KPMG will continue in the role and will undertake the audit of the group’s consolidated accounts for the current financial year.
KPMG earned £700,000 in audit fees, £100,00 in audit-related fees and £300,000 in non-audit fees from Electrocomponents last year.
PwC will become Electrocomponents’ statutory auditor, subject to approval by shareholders at the 2014 Annual General Meeting.