FTSE 100 international mining giant Rio Tinto has named KPMG as its new external auditor, replacing PwC which has held the role for 40 years
In a statement, Rio Tinto said it had completed a competitive tender process for the appointment. Subject to shareholder approval, KPMG will be appointed from the financial year beginning 1 January 2020.
PwC remains Rio Tinto’s external auditor until that point and will undertake the audit for the 2019 financial year, subject to reappointment by shareholders at the 2019 annual general meetings.
Ann Godbehere, chairman of the audit committee, said: ‘On behalf of the Rio Tinto board, I’d like to thank PwC for their diligence and dedication over the years. We now look forward to working with KPMG.’
PwC was first appointed auditor to the group in 1980. According to Rio Tinto’s 2017 annual report, last year the firm was paid $14.3m (£10.65m) in audit fees, plus $4.5m (£3.35m) in non-audit services such as tax and assurance, giving a total of $18.8m (£14m).
Report by Pat Sweet
