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19 Jun 2008
British Airways has cut 30% from its audit bill after pulling out of the US stock exchange and dropping Sarbanes-Oxley compliance.
BA’s annual report showed it paid Ernst & Young just over £3m compared with more than £4.3m in the previous financial year.
Breakdowns showed the £1.27m BA paid out for ‘other services pursuant to legislation’ in 2007 were primarily down to Sarbox work. The figure plummeted to £57,000 for the year ended 31 March after its US withdrawal.
Shedding the US compliance millstone has left BA £10m better off. In a
statement the carrier said it had saved ‘some £10m in costs associated with our
US listing/
registration and the related reporting obligations’.
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