PwC wrestles Virgin Money audit from KPMG
The change ends KPMG's 11-year reign
PWC has scooped the Virgin Money audit from KPMG after its Big Four rival had held the account for 11 years.
Virgin Money intends to appoint PwC from 1 January 2016, subject to shareholder approval at its 2016 AGM.
The change follows a competitive tender process, first mooted in the Virgin Money’s 2014 annual report, overseen by the audit committee, and approved by the Virgin Money Board.
Norman McLuskie, chairman of Virgin Money’s audit committee said: “KPMG has been auditor since 2004 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 very thorough, open and transparent tender process, a description of which will be included in the 2015 Annual Report and Accounts.”
KPMG will undertake the audit of Virgin Money for the year ending 31 December 2015.