August 15, 2020

HSBC Dumping KPMG for PwC as Auditor

Alright, alright, alright. We knew this was possible. Let's try to keep things civil.

HSBC Holdings Plc (HSBA), Europe’s largest bank, appointed PricewaterhouseCoopers LLP as auditor, dropping KPMG LLP after more than two decades. PwC will audit the 2015 fiscal year for the lender, subject to approval from shareholders at the bank’s annual meeting in May, HSBC said in a statement today. KPMG won the business in 1991 without going through a bidding process, the lender said in its annual report in March. HSBC paid the accounting firm $80.5 million in 2012 for work including audit, tax compliance, computer security and help valuing assets.
Of course the bright side is this will open the door to more advisory work.
 
Discuss.
 

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