Raymond Doherty 7 Mar 2019 10:00am

Aston Martin replaces KPMG with EY as auditors

Big Four firm EY has taken over as auditors of the recently floated luxury car group Aston Martin Lagonda

This brings to an end KPMG’s 12-year relationship with the company after it decided not to retender for the contract.

Aston Martin announced that it would be putting its audit out to tender for the year ending 2019 when it released its prospectus ahead of the £4bn IPO last October. Last month it revealed a pre-tax loss of £68.2m in 2018, compared with a profit of £84.5m a year earlier.

Richard Solomons, chair of the Aston Martin Audit and Risk Committee said, "On behalf of the board I would like to thank KPMG for their service over the past 12 years as auditor to the Aston Martin Lagonda group since 2007, as well as their support for the IPO last year.”

According to a Sky News report, the tender process was part of the group’s ongoing corporate governance procedures and “does not reflect any dissatisfaction with KPMG’s work”.

This week it was revealed that PwC had brought to an end KPMG’s six-year reign as the UK auditor with the most number of clients.