EY extracts Vedanta Resource audit as Deloitte tenure ends
London-listed Vedanta appoints EY as auditors after Deloitte ends tenure stretching back to 2003
FTSE 350 mining company Vedanta Resource has confirmed it is to appoint as its EY as auditors for the year ending March 31 2017.
Subject to shareholder approval at its AGM, the move follows the mandatory tendering requirements in the UK.
The miner’s current auditor, Deloitte, will undertake the audit for the year ending 31 March 2016 having been Vedanta’s auditor since its listing in 2003.
In the financial year to 31 March 2015, Deloitte received $5m (£3.4m) as Vedanta’s auditor, split evenly between audit and non-audit work, according to the company’s annual report. Some $500,000 in fees was paid to ‘other auditors’.
India-based Vedanta specialises in mining zinc, lead, silver, copper, iron ore, aluminium and also has interests in power and oil & gas.