The Bank of England is reportedly looking for a new auditor, in a move which could see it depart company with KPMG.
According to Sky News, rivals are already preparing to take the role from KPMG. The firm has been the auditor of the central bank for a decade, having been brought in in 2007, prior to the collapse of Northern Rock.
The rules of the bank dictate that it places the contract out to tender every five years. Sources informed Sky that at the beginning of this week, a review was triggered, kicking off a possible face-off between the biggest accountants of the City.
PricewaterhouseCoopers (PwC), its previous auditor, held the role for over 85 years. It is thought to be possible that if KPMG misses out on a renewal of the firm’s position, the job will go to either PwC or one of the other two firms in the so-called “big four”: EY or Deloitte.
Formal discussions are reportedly scheduled to get underway imminently with the biggest competitors of KPMG.
The process that was set in place by the Bank of England implies that the statutory review could result to a new auditor being appointed to start work in March 2019.