Danny McCance 18 Aug 2017 12:13pm

Big Four trading places

KPMG will replace Deloitte as auditor of Paypoint while PwC will replace EY as auditor of Cranswick

KPMG won the audit tender for the payment services company Paypoint following Deloitte’s resignation. The appointment has been accepted by the board and is effective immediately, subject to shareholder approval.

Last month, KPMG resigned as auditor of Pret a Manger, amid rumours that the UK sandwich chain is set for an IPO on the New York Stock Exchange.

Meanwhile Cranswick, one of Britain’s biggest food producers, today received a letter of resignation from EY.

PwC has been appointed to replace EY, having already won the competitive tender.

EY was not included in this tender process, due to the length of its tenure, having been auditor of the company since 1972.

The news comes at the end of a tough week for PwC, on Wednesday  the firm had to pay a £5m fine to settle misconduct over RSM Tenon audit.