Grant Thornton wins Sequoia audit role from KPMG

13 January 2022 Consultancy.uk 1 min. read
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Sequoia Economic Infrastructure Income Fund has announced the appointment of Grant Thornton as its new external auditor. The professional services firm will replace KPMG for the financial year ending in March 2022.

Established in 2015 Sequoia Economic Infrastructure Income Fund is a large British investment trust dedicated to the provision of debt instruments for infrastructure projects. It is the only UK listed fund investing exclusively in this way. Over the last seven years, its portfolio has grown to more than 60 positions, following the deploying of funds from a series of successful capital raises.

Since its launch, Sequoia has looked to KPMG for services and support as its external auditor. However, a decision in the company’s interim report announced the Board had decided to put out a tender for its auditing work in the coming year.

Grant Thornton wins Sequoia audit role from KPMG

Following the tender’s opening, Grant Thornton has been selected to replace KPMG, which resigned as the company’s external auditor in December 2021 as a result of the tender appointment.

The appointment of Grant Thornton will be recommended to the company's shareholders for approval at the company's Annual General Meeting in 2022. Grant Thornton will then commence work as the company's external auditor for the financial year ending 31 March 2022.

A comment from Sequoia’s board said, “The board wishes to thank KPMG for its services and support as external auditor for the past six years since the company’s launch and looks forward to working with Grant Thornton in the future.”

While the move sees KPMG exit a lucrative contract, it does not seem motivated by a desire for Sequoia to move away from the Big Four’s services – as criticism for their auditing and advisory services continues to mount. A statement from Sequoia stressed that PwC will continue to act as the group’s independent valuation agent, responsible for reviewing the monthly valuations of its portfolio.