Travel agent, On the Beach has announced it has replaced auditors KPMG with Big Four rivals EY.
On the Beach said EY will conduct its audit for the financial year ending 30 September 2019. The company said previous auditors KPMG had resigned as auditor, but added that there was no matters that should be brought to the attention of members or creditors.
A spokesperson for On the Beach said, “KPMG were appointed in 2007. The mandatory firm rotation rules require all EU public interest entities (PIEs) to tender their audit contract at least every 10 years and change or rotate their auditor at least every 20 years.
“Audit tenure is measured from the point at which the company became a PIE, so for OTB this is 28 September 2015. However, as KPMG have been auditors to the Group for 11 years, the decision was taken to undertake a tender of the external audit.”