EY ousts KPMG to win Standard Chartered audit

 
Oliver Gill
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EY has won the audit of Standard Chartered, ousting KPMG after a competitive tendering process.

Pending approval at the lender's AGM, EY will take over from 2020.

Omar Ali, UK Financial Services Managing Partner at EY, comments: “We are delighted to now include Standard Chartered Bank as one of our global audit clients.

"We recognise that choosing the right auditor has been an incredibly important decision for the bank and as a result we are proud to have been selected from among the competition. An important name in the UK, the Bank is also in 68 markets, so this is a truly global win, supporting the firm’s commitment to emerging markets.”

Standard Chartered said in a statement: "The company, EY and KPMG will commence transition planning to ensure a smooth and effective migration.

"Further disclosure on the tender process will be set out in the 2017 Annual Report and Accounts.

"There are no matters in connection with KPMG’s prospective retirement as auditor which need to be brought to the attention of shareholders."