KPMG is to take over the audit of investment trust Standard Life European Private Equity Trust (SLEPET) after incumbent auditor PwC decided to resign its role citing restrictions on its ability to provide non-audit services
In a statement, PwC said it had notified SLEPET the firm will not seek re-appointment for the year ending 30 September 2017’ because under the more restrictive independence requirements of the FRC's Revised Ethical Standards 2016, the non-audit services which they propose to provide to the Standard Life Group would render them non-independent.’
Following a formal tender process, KPMG has been appointed as SLEPET’s new auditor, to carry out the company's audit for the year ending 30 September 2017.
PwC was appointed as auditor at the company’s launch in 2001. According to the 2015 annual report, the firm was paid £27,000 in total, of which £17,000 was for statutory audit, £17,000 for interim review and £9,000 for taxation services.
At the time the report noted: ‘The non-audit services are primarily assurance related, and the audit committee believes PwC are best placed to provide them on a cost effective basis. The audit committee and the board consider that the provision of such services does not impair the independence of the auditor.’
