PwC and KPMG pick up SEGRO and Balfour Beatty audits respectively, from incumbent Deloitte
DELOITTE are two major audits down after a reshuffle by the listed businesses.
Balfour Beatty has chosen KPMG as its new auditor, while property developer SEGRO has appointed PwC into the role.
Deloitte has served as Balfour Beatty’s auditor for the past 14 years, and has held the SEGRO post since 2007. Both companies thanked Deloitte for their efforts during their tenure. The firm earned £8.4m in audit and non-audit fees with Balfour Beatty, and £950,000 with SEGRO.
The tender processes are the latest in a line of audit reshuffles, as FTSE 350 companies come to terms with EU and UK regulatory requirements for tenders at least every ten years.
KPMG was drafted in earlier this year to review Balfour Beatty’s business following a shock £75m shortfall in its construction division.