The British building company that sacked Deloitte as its auditor in May has selected EY — the only Big Four firm that was eligible to bid for the contract — as its replacement.
SIG, which admitted earlier this year to overstating its profits because of the “intentional” action of some staff, came under unexpected pressure to appoint a new auditor in May after investors voted to sack Deloitte at its annual shareholder meeting.
The UK-listed building company was unable to consider Big Four rivals PwC or KPMG as potential replacements because of conflicts of interest.
KPMG is SIG’s internal auditor. KPMG also provided support to SIG on reviewing its financial reporting controls after the company’s financial misstatements came to light, according to its full-year…
