DIAGEO has ended its 17-year audit relationship with accountancy giant KPMG.
The Johnnie Walker and Smirnoff maker has picked PwC, also part of the accountancy sector's so-called Big Four firms, to take on the lucrative audit contract.
According to Diageo's most recent annual report KPMG was paid £7.3 million for its services.
Yesterday Diageo said that PwC had been selected following a tender process and would start the contract in the financial year to the end of June 2016.
The appointment of a new auditor is still subject to formal approval at the company's annual general meeting next year.
The Competition and Markets Authority (CMA) says FTSE 350 companies must put their audits out to tender at least every ten years.
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