KPMG replaces PricewaterhouseCoopers as INM auditor

KPMG has been appointed as auditor of Independent News & Media, replacing PricewaterhouseCoopers.

The media group said PwC had “stepped down by mutual and amicable agreement”, ending its long-term relationship with the group.

"KPMG has been appointed company auditor following a competitive tender process," it said in a statement.

The tender process has coincided with a further retreat in INM’s global business empire that would have simplified its auditing requirements.

The company recently sold its South African holdings to pay down debt, while its UK newspaper interests were offloaded in 2010.

In PwC's notice-of-resignation letter to the INM directors, it confirms, in accordance with company law, that there were no circumstances connected with its resignation that it considered should be brought to the attention of shareholders or creditors of INM.

The letter of resignation was filed to the Companies Office earlier this week.

INM's largest shareholder is Denis O'Brien, whose radio group Communicorp is also audited by KPMG.