Carr’s has signalled the end of a 109-year relationship with auditor PwC, after the agriculture and engineering group announced it is to appoint KPMG as its auditor for the financial year ending 31 August 2019
In a regulatory statement, Carr’s said: ‘In line with UK market practice, the audit committee commenced a competitive tender process earlier this year. The proposed appointment has now been approved by the board, following a recommendation by the audit committee.’
PwC was not invited to tender due to its length of tenure. The firm will conduct its final audit of the group's financial statements for the financial year to 1 September 2018.
The appointment of KPMG as auditors for the financial year ending 31 August 2019 remains subject to shareholder approval at the group's next annual general meeting to be held in January 2019.
Carr’s said: ‘The board would like to thank PwC for its many years of diligent service to the group. Carr's looks forward to working with KPMG in the future.’
According to the 2017 annual report, Carr’s paid PwC a total of £196,000 in audit fees for the year, plus £10,000 for non-audit services.
PwC noted in the report that ‘we have been appointed as auditors since at least 1909 to audit the financial statements for the year ended 31 March 1909 and subsequent financial periods. The period of total uninterrupted engagement is 109 years, covering the years ended 31 March 1909 to 2 September 2017.’
Report by Pat Sweet
