HSBC considers switching auditors from KPMG

HSBC Holdings has started searching for a replacement for its long-serving auditor, KPMG, after having paid US$81 million (HK$628.2 million) to the accounting firm in fees last year.

This would be the first time since 1991 that the bank has put in place a tender process for its external auditors. Previously, KPMG was re-appointed by the bank’s board following the recommendations of HSBC’s risk and audit committees.

A new audit firm, if appointed, will begin its work in 2015, HSBC said in its annual report.

via Business feed http://www.scmp.com/business/banking-finance/article/1185397/hsbc-considers-switching-auditors-kpmg