KPMG navigates Compass audit tender to win deal
KPMG picks up £7.8m Compass Group audit, replacing Deloitte
KPMG has picked up the audit of FTSE food and support services business Compass.
The appointment sees fellow Big Four firm Deloitte step down from the role. With KPMG stepping up immediately, then ‘re-appointed’ at Compass’ AGM on 5 February.
“Deloitte has been a professional, constructive and trusted adviser to the company for a number of years and the directors would like to thank them for their services and look forward to working with them in the future on a range of non-audit services,” Compass said in a trading statement to the London Stock Exchange.
Deloitte was paid £7.8m for its work with Compass for the year ending 30 September 2013, of which £3.5m related to non-audit work. The firm had expressed its interest in carrying on with the audit.
The changing of hands is the latest auditor move at the top end of the market, following intentions to introduce tender periods. Balfour Beatty yesterday announced its intention to tender in the second half of 2015.
