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Raymond Doherty 20 Apr 2017 02:08pm

Vectura drops Deloitte for KPMG

British pharmaceuticals business Vectura Group plc has ended its ten-year audit relationship with Deloitte

The FTSE 250 company has appointed fellow Big Four firm KPMG after a tender process.

In a statement Vectura said the proposal will be made to shareholders at the 2017 AGM on 25 May.

Reforms proposed by the European Parliament mean that listed companies have to tender their audit contract every 10 years and rotate their auditor every 20 years.

It’s the second audit win for KPMG in recent weeks after it captured the FTSE 100 contract of Micro Focus International from PwC.

It’s been a bad month, however, for the firm’s US audit practice. It sacked five partners, including its head of audit Scott Marcello, for receiving improper warnings of regulator inspections.

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