EY digs in at Tullow Oil audit
EY has been chosen as external auditor of multinational oil and gas exploration company Tullow Oil, replacing Deloitte which has held the role since 2002
12 Mar 2019
The company held a competitive bid process for external audit services, which were last tendered in 2004.
A group of five audit firms was formally invited to tender, including two non Big Four firms, but excluding Deloitte because of its length of tenure.
A subset of the five firms accepted Tullow’s invitation to tender and submitted written proposals. Oral presentations took place in November 2018 and were assessed alongside written submissions against the set of predetermined criteria and resulted in the selection of EY to become the group’s statutory auditor for the financial year commencing 1 January 2020. The appointment remains subject to approval by shareholders at the 2020 annual general meeting.
According to the 2018 annual report, Deloitte was paid $2.2m for audit services at Tullow, plus $600,000 for non audit services.
Report by Pat Sweet