Caledonia Investments has named accountancy firm BDO as its new auditor, with the firm taking over from KPMG.
Caledonia, which is an investment trust company based in London, England, said the recommendation to appoint BDO follows the completion of a “competitive audit tender process” which included participation by KPMG “amongst other firms”.
It is understood that KPMG has served as auditors for the investment group since 2011, with the group initially overtaking the position from fellow ‘Big-Four’ rival Deloitte.
In a letter addressed to the Caledonia directors, KPMG confirmed that it would no longer hold its audit position, stating that the reason connected with its ceasing to hold office is the “holding of a competitive tender for the audit”.
The letter read: “The reason connected with our ceasing to hold office is the holding of a competitive tender for the audit, in which we were unsuccessful in retaining the audit.”