KPMG is to take over from PwC as external auditor of Auto Trader Group, ending the firm’s 11-year relationship with the digital automotive marketplace, following a formal tender process overseen by the company's audit committee
PwC, which has been the company’s auditor since 2004, will conduct the current year audit and stand down at the conclusion of the Annual General Meeting in September 2016.
In a Stock Exchange statement, Auto Trader said: ‘The board would like to thank PwC for the quality and efficiency of its audit services and advice provided to Auto Trader over the past 11 years, and in particular the invaluable support and assistance given to the company in respect of its successful Initial Public Offering in March 2015.’
According to its 2015 annual report, Auto Trader paid PwC a total of £2.9m over the year, of which £2.6m (2014: £0.6m) was for non-audit related services.
The majority of these fees related to the reporting accountant work on the group’s IPO and accordingly related to non-recurring work. The company said PwC were best placed to perform their work given their knowledge of the business.
