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NICO Steel Holdings on Thursday said it changed its auditors from KPMG to Baker Tilly, as the company was "not able to reach a mutual agreement on the quantum of professional fees" with KPMG.
"As part of the company's ongoing effort to manage its overall business costs and expenses amidst the challenging business climate, the board is of the view that it would be appropriate and timely to effect a change of the auditors," the company said in a regulatory filing. "The board believes that a change of auditors may enable the company to benefit from fresh perspectives and the views of another professional audit firm and further enhance the value of the audit."
The appointment of Baker Tilly as new auditors will take effect once shareholders approve of it.