AuditBig Four

AJ Bell drops KPMG in favour of BDO

Accountancy firm BDO has been appointed as the new auditors for AJ Bell, replacing Big Four firm KPMG.

In an announcement to the London Stock Exchange AJ Bell said its board had approved the proposed appointment of BDO as the company’s auditor for the financial year ending 30 September 2020 following the conclusion of a competitive tender process led by the company’s Audit Committee.

Having served as auditor since 2009, KPMG did not participate in the tender process and will leave its role to the business after it has completed the audit for the year ending 30 September 2019.

In its latest annual report for year end 30 September 2018 it shows revealed KPMG had been paid £119,000 in audit fees, with an extra £81,000 in audit-related fees and £611,000 in non-audit services, mostly related to corporate finance work in the run up to the flotation. The audit fees were up 51% on the 2017 figures.

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