Danny McCance 6 Nov 2017 12:21pm

BoE could replace KPMG as auditor

After a decade in the role, the Big Four firm will face competition for the audit of the Bank of England (BoE), as the audit has been put out to tender

The BoE engaged other firms regarding the audit on Monday last week using the Crown Commercial Framework, according to Sky News.

“KPMG has been invited to retender for the audit of the Bank of England as part of the normal tender process run by the Bank,” a spokesperson for the firm said.

“We will be participating in the process.” 

Insiders told Sky News that the tender is due to rules dictating that the bank should review its audit every five years.

KPMG took over the audit in 2007 from PwC, which had audited the bank for the previous 85 years, just before the financial crash.

It faced serious criticism during the Gupta scandal, following the revelation of the firm’s involvement with the Indian-born businessman.

In September, KPMG was cleared by the Financial Reporting Council, which ended its investigation into the firm’s audit of HBoS.