HSBC drops auditor KPMG for PwC after 20 years

PwC is to replace KPMG as auditor to HSBC from 2015 in the first change by a major UK bank since calls from regulators for more regular audit rotation.

KPMG has been HSBC's auditor since 1991 and was originally appointed without going through a bidding process, according to the bank's annual report.

HSBC said the latest appointment, which requires shareholder approval at its AGM next May, was the result of a competitive tender process.

John Coombe, chair of the bank's audit committee, said: 'We look forward to a constructive and professional relationship with PwC.'

HSBC is Europe's largest bank by market capitalisation and paid KPMG £53m in fees last year. PwC is already the auditor to Barclays and Lloyds Banking Group.

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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