QinetiQ Group, the FTSE 250 multinational defence technology specialist, has become the latest company to announce a change of auditor in order to meet with new rotation requirements, and has appointed PwC to replace KPMG, which has held the position for 16 years
In a statement to the stock exchange, QinetiQ said that, following the conclusion of a formal tender process led by the audit committee, PwC will take over as auditor for the financial year ending 31 March 2018, subject to approval by shareholders at the 2017 annual general meeting.
Current auditor KPMG will undertake the audit for the year ending 31 March 2017, having been reappointed at the 2016 annual general meeting.
The company said: ‘KPMG has been QinetiQ's auditor since its formation in 2001. The board of QinetiQ would like to thank KPMG for their considerable contribution as QinetiQ's auditor during that period.’
According to its 2016 annual report, QinetiQ paid KPMG £600,000 in audit fees, plus an additional £200,000 in non-audit fees, giving a total of £800,000.
