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7 Oct 2019 10:00
Dunedin Enterprise Investment Trust PLC
LEI: 213800E2VLUZ5AF9Z434
Date: 7 October 2019
Time: 10.00am
Auditor to Dunedin Enterprise Investment Trust PLC
KPMG LLP has been replaced as auditor to Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") with effect from 7 October 2019. This follows a competitive tender process undertaken by the Board in which KPMG LLP were not invited to participate.
In accordance with the requirements of section 519 of the Companies Act 2006, a letter from KPMG LLP confirming their resignation from office has been received by the Board.
The Board made the decision to hold a competitive tender process as a result of the Financial Reporting Council's updated guidance on auditor independence. This has made it increasingly difficult for KPMG LLP to provide non-audit services to either: -
1) portfolio companies held by Dunedin Enterprise; or
2) the limited partnership funds in which Dunedin Enterprise has an interest.
As a result and to ensure auditor independence, the Board has appointed Johnston Carmichael LLP as auditor of Dunedin Enterprise. Johnston Carmichael LLP is the largest independent firm of Chartered Accountants in Scotland. They are also part of the PKF international network of accounting firms.
The Annual Report for Dunedin Enterprise for the period ending 31 December 2019, which will be published and posted to shareholders in April 2020, will provide further details on the competitive audit tender process. Shareholders will have the opportunity to vote on the election of Johnston Carmichael LLP as auditors at the Annual General Meeting of Dunedin Enterprise to be held in May 2020.
For further information, please contact:
Dunedin LLP
Company Secretary
Telephone: 0131 225 669
END
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