KPMG at risk of losing vital HSBC audit

KPMG could lose the biggest audit contract in corporate Britain after HSBC decided to consider bringing in a fresh pair of eyes to vet its accounts.

The Bank said it would put its audit contract out to tender for the first time in more than two decades in the most striking sign yet that regulatory pressure is starting to break down the ties that bind many big companies to their auditor.

HSBC paid KPMG $81m in 2012. The majority of this was for audit and audit-related services, the rest being tax and other consultancy work. It has held the audit contract since 1991 ... READ MORE

Released by the Financial Times - 6 March 2013