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    Firms extract $238m from BP

    Firms extract $238m from BP

    Oil giant pays out massive fees to major accounting firms, annual report discloses

    Author Date published March 15, 2006 Categories

    Oil giant BP paid accounting firms $238m (£136m) last year.

    The UK’s largest company by market capitalisation disclosed the numbers in
    its annual report yesterday.

    Auditors Ernst & Young in the UK earned $40m, $27m of it for audit and
    audit related services, and $13m for other services. Worldwide, its total
    earnings from BP were $87m.

    BP also disclosed that it paid other major firms of accountants other than E
    &Y a total of $151m.

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