TUI Travel splits from KPMG after accounting discrepancies

KPMG is to be replaced by Pricewaterhouse Coopers (PWC) as the auditor for TUI Travel after a breakdown in the relationship following accounting disparities uncovered in October.

TUI Travel splits from auditor KPMG after financial discrepancies
TUI Travel splits from auditor KPMG after financial discrepancies
TUI Travel – which is the parent company of Sportsworld – suffered a £117m black hole in its accounts, which were uncovered by KPMG in an audit last year and led to the resignation of chief financial officer Paul Bowtell.

TUI now plans to appoint PWC at its annual general meeting in February.

The issue first started in 2007, when the company was created from a merger of First Choice Holidays and the tourism divison of TUI, the owner of the Thomson and Lunn Poly brands.

TUI used two separate computer systems, one to make bookings for customers, the other to process data from tour operators. Discrepancies arose when discounts offered to customers were not recorded on the tour operator system.

TUI Travel's sports division - which includes Sportsworld - will not be impacted by its parent company's financial concerns, its representatives have told C&IT.

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