FROM OUR SHELL NEWS ARCHIVE
Firms pocket millions for Shell work: “Oil company Shell pays record-breaking amount for audit work during one of the most controversial periods in its history.”: “KPMG and PwC pocketed $70m (£37m) for their work with Shell during its troubled last 12 months, according to the oil company’s latest filing with the SEC.”: “During the last year Shell suffered its oil reserves scandals, overstating the number of barrels of oil it held in reserves by billions…”
Kevin Reed, 04 April 2005
Oil company Shell pays record-breaking amount for audit work during one of the most controversial periods in its history.
KPMG and PwC pocketed $70m (£37m) for their work with Shell during its troubled last 12 months, according to the oil company’s latest filing with the SEC.
The basic audit fee of £22m, awarded by Shell, is one of the biggest ever paid out by a British company, up from £17m in 2003.
The two auditors – Netherlands-based branch of KMPG and PwC in the UK – received millions of pounds for other tasks, such as diligence assistance and ‘special investigations’.
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