Jun 8, 2017

BT appoints KPMG as auditor after Italian scandal

BT has appointed KPMG as its new auditor following a review of its accounting practices prompted by a scandal in its Italian division, ending a relationship with rival PwC that lasted more than three decades. The company said on Thursday that KPMG would be appointed subject to approval by shareholders at BT's annual meeting in 2018. "BT, KPMG and PwC will commence transition planning immediately to ensure a smooth and effective migration during 2017/18," BT said. The market is dominated by four firms - EY, Deloitte, KPMG and PwC - which audit 98 per cent of FTSE 350 companies. Recent high-profile accounting scandals at UK companies, including Rolls-Royce and Tesco - which have involved KPMG and PwC, respectively - have led to concerns among some investors about the continuing concentration of the big four.

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