• Register
Return to: Home > News > Advisory > Cineworld drops KPMG, picks PwC as auditor

Cineworld drops KPMG, picks PwC as auditor

Cinema multiplex operator Cineworld has appointed PwC as auditor, with effect from 17 June 2019 following a tender process for the statutory auditor contract. The company said the  process was ‘in accordance with good corporate governance policy on auditor rotation’.

In its letter of resignation, KPMG said it declined to participate in the competitive tender for the audit ‘as we did not consider that it was likely that we would be able to agree acceptable commercial terms’.

In its last annual report for the year to end-2018, the company noted that it had last conducted a tender process in February 2016 and that to comply with the relevant tendering and auditor rotation requirements applicable under UK and EU regulations, the next external audit tender was scheduled to occur by 2026 while the then current lead audit partner would be required to change in 2021.

The annual report also shows audit costs of $2.2m for 2018, rising from $700,000 in 2017 although the company also paid KPMG $1.7m in 2017 for other advisory services.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.