Fashion retail brand French Connection Group has appointed Mazars as the company’s auditor, replacing Big Four firm KPMG who held the position for 25 years.
The board has approved the proposed appointment of Mazars for the financial year ending 31 January 2020. The appointment will be subject to shareholder approval at the AGM to be held in May 2019.
In accordance with section 519 of the Companies Act 2006, KPMG issued a statement detailing the circumstances connected with their ceasing to hold office as auditor of the company. The statement confirmed that the audit firm resigned following the conclusion of the audit tender process.
KPMG was not invited to participate in the process, due to the rules on the mandatory rotation of auditors.
According to French Connection’s financial results for the year ending 31 January 2019, the company paid KPMG £100,000 for its audit services and “178,000 for its non-audit services.