Travis Perkins ends Deloitte audit reign with KPMG appointment
KPMG's appointment follows a three-way pitch for the business, including the incumbent auditor Deloitte
THREE DECADES of auditing at builders merchant Travis Perkins is set to come to an end when Deloitte hands over the audit reins to KPMG.
The Travis Perkins board announced its intention to recommend the Big Four rival to shareholders at its forthcoming AGM as its auditor for the year ended 31 December 2015.
The intention to commence an audit tender during 2014 was referred to in the company’s 2013 annual report.
KPMG’s appointment followed a three-way pitch for the business firms, including the incumbent auditor, culminating in a presentation to the audit committee.
In 2013, Deloitte was paid £442,000 for audit-related work, and £188,000 for non-audit related activities.
Having completed the audit of the 2014 accounts, Deloitte will not seek re-election at the AGM.