BA claims move from New York Stock Exchange has saved it £10m
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
registration and the related reporting obligations’.