PROPERTY OWNER Grainger has decided to appoint KPMG as its auditors, replacing PwC following its first audit tender in ten years.
KPMG is to become auditor of the FTSE 250 residential property business from the year ending 30 September 2015.
The appointment, which is subject to shareholder’ approval at the February 2015 annual general meeting, follows a competitive tender process run by Grainger’s audit committee.
In last year’s annual report, Grainger said PwC had remained in place for a “considerable number of years”. The group audit partner was rotated in 2012 with the current audit partner’s five-year term set to end in 2017.
PwC was paid £124,000 in audit fees for the year.
Under the FRC’s transitional guidance, the company would have been required to tender at the time of the next audit partner rotation.
During the year £85,000 was paid to PwC for taxation services. A further £93,000 was paid for other services, the main element of which was £81,000 relating to the non-statutory audit of the completion balance sheet relating to the formation of a co-investment vehicle.