Johnston Carmichael won the contract for the major private equity investment organisation following changes to guidance over the independence of auditors.

The firm is taking over from KPMG following a competitive tender which KPMG was not invited to participate in.

Dunedin Enterprise Trust has reported a net asset value of £82 million in its most recent interim results.

The board of the trust said the decision to hold a tender for the audit contract came in the wake of the Financial Reporting Council’s updated guidance on auditor independence.

It said the new guidance had made it “increasingly difficult” for KPMG to provide non-audit services to companies in its portfolio or the limited partnership funds in which Dunedin Enterprise has an interest.

Dunedin Enterprise Trust said: “As a result and to ensure auditor independence, the board has appointed Johnston Carmichael as auditor.”

Dunedin’s annual report for the current financial year will provide further details on the competitive audit tender process.

Shareholders will have the opportunity to vote on the election of Johnston Carmichael as auditors at AGM to be held in May 2020.