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The Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025.
This follows the completion of a competitive tender process, overseen by the Bank’s Audit and Risk Committee, which resulted in a recommendation which has been approved by the Court of Directors.
The competitive tender process was held to observe best practice corporate governance guidance regarding the periodic rotation of external auditors.
KPMG LLP, which has been the Bank’s auditors since 2006 is currently undertaking the audit of the financial year ended 29 February 2024.
KPMG will also work with EY to enable a smooth transition.
The news comes after EY recently announced the appointment of a new transaction diligence leader in the North and a new partner to the South West audit team.
