KPMG Steps In as New Auditors Amidst Asda Deal
- Deloitte resigns as EG Group’s auditors
- KPMG appointed as new auditors
- Concerns over governance and internal controls
- EG Group acquires majority stake in Asda for £6.8bn
EG Group has appointed KPMG as its auditors after Deloitte resigned from the role due to concerns over its governance and internal controls. The UK petrol station company, which owns nearly 6,000 petrol stations and reported over €20bn (£18bn) in revenue last year, did not reveal the reason behind Deloitte’s resignation. Sources close to the Financial Times cited governance concerns, with one saying the resignation was triggered by Deloitte’s concerns that EG Group’s controls had ‘not improved in line with its group’. In a statement, EG Group said: ‘As in previous years, Deloitte signed a clean audit for EG Group’s 2019 financial statements, and there have been no disagreements on any auditing or accounting matters. We are pleased to be working with KPMG going forward, and remain committed to making continued progress with our internal processes, controls, and governance.’ KPMG and Deloitte declined to comment.
Factuality Level: 8
Factuality Justification: The article provides accurate information about EG Group appointing KPMG as auditors after Deloitte’s resignation due to concerns over governance and internal controls. It also includes statements from both EG Group and KPMG without any sensationalism or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about EG Group appointing KPMG as its auditors after Deloitte’s resignation due to concerns over governance and internal controls. It also mentions the acquisition of a majority stake in Asda for £6.8bn. The article stays on topic and supports its claims with sources close to the Financial Times. However, it could provide more details about the specific issues with governance and internal controls.
Financial Relevance: Yes
Financial Markets Impacted: EG Group, Asda, Deloitte, KPMG
Financial Rating Justification: The article discusses the change in auditors for EG Group and its potential impact on the company’s governance, as well as their acquisition of a majority stake in Asda, which are both financial topics. It also mentions Deloitte resigning from the role due to concerns over internal controls, which could affect the companies involved and potentially the financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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