EY to audit Standard Chartered bank

EY to audit Standard Chartered bank

EY will replace KPMG, who have audited Standard Chartered since 1970

Following a competitive tender process, EY has been selected to audit FTSE 100 banking group Standard Chartered from the year ending 31 December 2020.

Once the terms of engagement have been finalised the appointment will be put forward for shareholder approval in the 2020 Annual General Meeting.

EY will replace KPMG, who have audited Standard Chartered since 1970. Following EU legislation mandating audit rotation KPMG’s tenure is due to expire in December 2020.

Standard Chartered said: “EY and KPMG will commence transition planning to ensure a smooth and effective migration.”

KPMG earned $21.4m (£16.3m) in fees for their audit work from Standard Chartered in 2016.

Further details of the tender process will be published in the group’s 2017 Annual Report and Accounts.

EY UK recently reported revenue growth of 9.2%.

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

1y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

1y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

1y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

1y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource