DRAGON Oil has dumped PwC and appointed Ernst & Young s auditor.
The news came from the listed oil and gas company this morning in an announcement to the stock exchange.
PwC has had the audit for the past nine years.
Dragon work mostly in the Caspian Sea off the coast of Turmenistan. the company has other interests in Azerbaijan.
Fees for PwC in the last annual report amounted to £320,000 for the statutory audit plus other assurance services.
Dragon Oil’s share price feel marginally this morning when markets opened by around 1%.
The UK’s imminent exit from the EU that may now put the audit committee to the ultimate test
Audit tendering has turned from good practice to legal practice under the EU audit reforms
Businesses will have to think more strategically about where they can source those non-audit services in the future
The FRC has raised concerns that the FTSE 350 audit market remains highly concentrated among the Big Four despite high levels of tendering and rotation