PracticeAuditFirms extract $238m from BP

Firms extract $238m from BP

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

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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