Barclays Selects KPMG As Auditor, Replacing PwC

By Josh Beckerman 

Barclays PLC has selected KPMG LLP as its auditor beginning in 2017, more than a year after announcing that it would replace PricewaterhouseCoopers LLP amid moves by EU regulators to shake up accounting relationships.

PwC, or former incarnations of the firm, has been the bank's auditor since 1896. PwC will retain that role through 2016.

"We thank PwC for their significant contribution as Barclays' auditors," Barclays said in a statement Friday.

Shareholders will vote on the KPMG appointment at the bank's 2017 annual meeting.

Describing the audit tender process, Barclays said factors including size, experience and global presence were considered. Five firms were shortlisted, with two declining to participate due to their inexperience in auditing global banks. The Barclays board audit committee recommended two firms, "with an expressed preference for one."

The Financial Reporting Council said in December that it would probe PwC over its role in reporting to the Financial Conduct Authority on how Barclays complied with rules on segregating client assets between 2007 and 2011.

Margot Patrick contributed to this article.

Write to Josh Beckerman at [e-mail]

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