Mail on Sunday: £150m bonanza for Shell auditors
30 May 2004
Posted 31 May 04
ACCOUNTANTS who failed to spot Shell’s massive overbooking of reserves were paid more than £150m in the past five years by the embattled oil giant.
Most of the fees paid to KPMG and PwC were for lucrative consultancy work rather than the basic audit, which spectacularly missed major shortcomings in Shell’s own internal financial controls.
However, Shell says it has no plans to change its auditors, who will stand for re-election at next month’s annual meeting.