Aston Martin begins search for new audit firm three months after IPO

Aston Martin is on the hunt for a new audit firm just three months after it floated on the London Stock Exchange.

The luxury car maker has begun to contact new accountancy firms after KPMG, which has carried out the work since 2007, declined the opportunity to re-pitch for the role, Sky News reported today.

The decision is not based on any dissatisfaction with KPMG’s work, an Aston Martin source told Sky News.

The hunt for a new auditor comes as the sector faces an overhaul following a string of controversies.

A French-style joint audit system, which would see smaller firms partner with larger companies on audit work, and a market share cap on top contracts could be introduced, the Competition and Markets Watchdog has said, after concerns were raised following a string of high profile corporate failures.

Shares in Aston Martin have fallen by around 30 per cent since its initial public offering (IPO) in October. The British brand fell short of its targeted £5.1bn valuation on its first day of trading when it listed at around £4.33bn on 3 October. 

KPMG declined to comment. City PM has contacted Aston Martin for comment.