Aggreko ensures KPMG's got the audit power
KPMG wrests control of the million-pound audit role at the FTSE 250 temporary power company
PwC is to lose the audit of temporary power outfit Aggreko next year, after 18 years, when Big Four rival KPMG takes control of the £1.1m account.
The move is subject to shareholder approval at Aggreko’s 2016 AGM, after the FTSE 250-listed generator and air conditioner rental firm’s audit committee recommended the move in its 2014 annual report published earlier this year.
PwC will continue in the role, which netted the firm £262,000 in audit fees and £844,000 in non-audit-related fees last year, until the year ending 31 December 2015.
The change in audit guard marks another big contract loss for PwC, after middle class shoppers’ favourite, John Lewis, brought to an end a 20-year relationship with the firm in June this year by appointing KPMG in its place.
The decision by the employee-owned national chain of department stores, and owner of upmarket supermarket group, Waitrose, was made as new regulations compelling organisations to put their audits out to tender on a five yearly basis, kicks in. PwC has also lost Sainsbury’s and Tesco in recent months.