PWC will take over the £2.1m audit of Aberdeen Asset Management from KPMG, the financial services company has announced.
KPMG, which has audited the FTSE 100 investment company since 1983, will formally hand-over the £1.5m audit and £0.6m non-audit fee account after completing the external audit for the year ending 30 September 2015.
Shareholder approval will be needed to confirm the appointment of PwC at its 2016 AGM. The move follows a recommendation by Aberdeen’s audit committee as noted in its 2014 annual report.
Jim Pettigrew, chairman of Aberdeen’s audit committee said: “KPMG has been the group’s auditor since the business was established in 1983 and we would like to thank them for their significant contribution as auditors and for their consistently high standards of professionalism in executing this role.
“We have undertaken a full and thorough tender process overseen by the audit committee and we look forward to working with PwC in the future.”
According to the latest Accountancy Age Top 50+50, PwC delivered a 6% increase in audit fees over the past year, rising to £1.03bn. KMPG’s audit division grew by 2.9% to £495m.
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