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...

View profile and articles

Be the first to vote

Rate this article

Related Articles