Reckitt Benckiser is set to end a 20-year audit contract with Pricewaterhouse Coopers, according to a report published by CCH daily. The UK-based FMCG manufacturer has appointed KPMG to take the helm from 2018, subject to shareholder approval.
The move was prompted by a competitive tender process for the account, which is worth an estimated £5.6 million in fees, plus additional non-audit services of £1.4 million a year.
“We have conducted detailed investigations as part of a thorough audit tender process to ensure that our principal criteria of geographical reach, experience, expertise in the consumer products industry, and cultural fit were met. Subject to shareholder approval, KPMG will be appointed at the 2018 AGM,” said Ken Hydon, Chairman of RB@s audit committee. “We would like to extend our appreciation to PwC for its significant contribution to RB and the work it has carried out to provide assurance to the RB Board and shareholders during its time as RB’s auditor.”