FTSE 250-LISTED oil and gas exploration group Cairn Energy has appointed PwC as its auditors, the company said in a preliminary results announcement.
The news came as Cairn revealed it had cut its full-year operating losses to $194m (£128m) from £1.2bn a year earlier.
PwC replaces Big Four rival Ernst & Young, who will resign as auditors on completion of their work for this year.
"The board would like to thank Ernst & Young for the excellent services provided to the Company over many years up to and including the 2012 year end audit," Cairn said.
Shareholder approval will be sought at the AGM to formally appoint PwC as the company's external auditor.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.