Listed logistics management specialist Wincanton has ended a 20-year relationship with KPMG and appointed BDO as its external auditor following the conclusion of a formal competitive tender process
The Big Four firm was first appointed to the haulage company when Wincanton listed on the stock exchange in March 2001.
In its 2019 annual report Wincanton stated: ‘A robust and thorough audit tender was undertaken in 2016 which concluded with a recommendation to reappoint KPMG as the group’s external auditor.
‘The committee is acutely aware that, despite undertaking the tender in 2016, KPMG has been the group’s external auditor since it listed in 2001.
‘Therefore, although there is no requirement to retender for some time, the performance and effectiveness of the auditor are rigorously considered and their length of service and continued appointment is kept closely under review.’
BDO has now been selected to replace KPMG and from the financial year commencing 1 April 2020 and will conduct the audit of Wincanton’s financial statements for the financial year ending 31 March 2021.
KPMG will continue in its role for the current financial year ending 31 March 2020.
Paul Dean, chair of Wincanton's audit committee, said: ‘We would like to thank KPMG for their many years of service as Wincanton's auditor.
‘Subject to shareholder approval at the 2020 AGM, we look forward to working with BDO in the future.’
According to its 2019 annual report, Wincanton paid KPMG £400,000 in fees for audit services over the year and an additional £100,000 for non-audit services.
