News and information on Shell Plc
“the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”; “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources and no staff – to audit its vast worldwide operations.”By Adrian Michaels in New York and Carola Hoyos and Andrew Parker in London
Posted 30 August 2004
US and UK regulators on Tuesday went several steps further than Royal Dutch/Shell in their dissection of what went wrong.
The Anglo-Dutch oil group had already presented the main findings of an internal investigation in April into its reserves debacle.
That report heavily criticised dismissed senior executives – Walter van de Vijver, the former head of exploration, and Sir Philip Watts, former chairman. But it had less to say on how the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function. The US’s Securities and Exchange Commission and the UK’s Financial Services Authority delve into the origin of the problems. “
“the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”; “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources and no staff – to audit its vast worldwide operations.”By Adrian Michaels in New York and Carola Hoyos and Andrew Parker in London
Posted 30 August 2004
US and UK regulators on Tuesday went several steps further than Royal Dutch/Shell in their dissection of what went wrong.
The Anglo-Dutch oil group had already presented the main findings of an internal investigation in April into its reserves debacle.
That report heavily criticised dismissed senior executives – Walter van de Vijver, the former head of exploration, and Sir Philip Watts, former chairman. But it had less to say on how the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function. The US’s Securities and Exchange Commission and the UK’s Financial Services Authority delve into the origin of the problems. “
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