Barclays names new auditor

Barclays Sign

Barclays named KPMG its new auditor, ending a 119-year relationship with PricewaterhouseCoopers amid a British regulatory investigation into the reporting of the bank’s accounts.

Bloomberg News reports that KPMG will take over in 2017 after winning a bidding process started in March last year, according to a statement from the bank on Friday. In December, the U.K.’s Financial Reporting Council started a probe into PwC’s role in reporting on Barclays Bank’s compliance with regulators’ client asset rules.

Auditors have been criticized by U.K. lawmakers for not spotting practices that led to the financial crisis of 2008, which resulted in $1.6trill of taxpayer money being used to prop up the nation’s banks. 

To access the complete Bloomberg News article hit the link below:

Barclays Names KPMG Auditor, Replacing PwC After a Century

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