Monday, 31 March 2014 01:15
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Splits former KPMG accounts; E&Y gets HNB, HNB Assurance goes for PWC
HNB Group has split key external auditors job previously handled by KPMG among two chartered accountants.
The bank’s audit job has gone to Ernst & Young whilst subsidiary HNB Assurance’s external audit role was given to PriceWaterhouseCoopers (PWC).
In 2013, HNB paid Rs. 14.56 million as auditor’s remuneration, lower in comparison to Rs. 16.27 million in 2012. HNB Assurance paid Rs. 2.47 million as auditor’s fees and expenses in 2013, lower compared to Rs. 2.84 million in the previous year.
The appointment of new auditors, after a lapse of several years, was announced in the annual reports of the two companies and was approved at their Annual General Meetings last week.
It was the first time HNB is following auditor rotation move. Commercial Bank did it some time back as a result of which KPMG was replaced by E&Y after which KPMG is back again as its auditors.
