KPMG appointed external auditor of Bank of Ireland
EU rules require large businesses to hire new auditors at 10- to 24 year intervals
The appointment of KPMG will be recommended to stockholders for approval at the 2018 annual general meeting. Photograph: Niall Carson/PA
The European Union introduced new rules on mandatory auditor rotation in 2014, requiring larger companies to hire new auditors at 10- to 24-year intervals.
“In the context of the relevant regulatory requirements, Bank of Ireland Group previously announced its intention to conduct an audit tender during 2017,” said the company in a statement.
“A competitive tender process, overseen by the group’s audit committee, has recently been undertaken and the court of directors has approved committee’s recommendation for the appointment of KPMG as group external auditor for the year ending December 31st, 2018 and beyond.”
The appointment of KPMG will be recommended to stockholders for approval at the 2018 annual general meeting.
PricewaterhouseCoopers, the current group external auditor, will continue in its role and audit the group’s consolidated accounts for the year ending December 31st, 2017.
Kent Atkinson, chairman of the group audit committee, said: “We would like to thank PwC for their significant contribution as the group external auditor since their appointment as sole auditors to the Group in 1990.
“We would also like to thank the firms who took part in the tender process and we look forward to working with KPMG in their role as external auditors.”