Standard Life Aberdeen confirms KPMG as its auditors

Monday, August 21, 2017 Print Email

Standard Life Aberdeen, formerly known as Standard Life, is a UK-based global investment company. Standard Life Aberdeen confirmed the decision of appointing KPMG as its auditor, after completion of the £11bn merger between Aberdeen Asset Management and Standard Life on August 14, 2017.  

Aberdeen appointed PwC in 2015 replacing KPMG as its auditors, while Standard Life appointed the big four firm KPMG in May replacing PwC as its auditors.

As per the 2014 annual report, the figure of £1.5m was paid to KPMG by Aberdeen Asset Management in audit fees while £600,000 were paid against non-audit services. On the other hand, the sum of £7.3m was paid to PwC by Standard Life in the year 2015. The figure of £7.3m included £3.7m paid as fee against the audit services provided to the group. The audit fee reduced to £3.7m from £4.7m due to the company selling its Canadian business in the previous year.

After Merger, the business, operating under the name Standard Life Aberdeen, will be managing funds worth around £670bn. The decision of merger was agreed upon in March and aims to save around £200m in costs every year.  It is expected that the firm will possess a workforce of approximately 9,000 people.

Keith Skeoch along with Martin Gilbert will be the co-chief executives of the new company and they will jointly lead the company going forward. Keith Skeoch is from Standard Life while Martin Gilbert is originally from Aberdeen. Overall, the new company has 50 business offices around the world, with clients in 80 countries.

Standard Life Aberdeen said in a statement that KPMG will be the auditor to the Standard Life Aberdeen. The big four firm PwC is stepping down as the auditors of the Aberdeen Asset Management and its subsidiaries. After the merger, KPMG will now also be the auditor to all the subsidiaries of Aberdeen Asset Management as part of being auditor to the Standard Life Aberdeen PLC group.

Source: ReadyRatios

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