Smith & Nephew appoints KPMG as auditor

Pharmaceutical company Smith & Nephew has appointed KPMG as its new auditor. 

KPMG replaces rival firm EY, which has audited the company's accounts since 1937. 

The big four firm will become its auditor for the year ending 31 December 2015, subject to approval from shareholders.

Ian Barlow, chairman of the audit committee, said EY's audit services had been of the "utmost quality". The audit tender was in line with good corporate governance, he said.