PracticeAccounting FirmsBP slashes spending on accountants in 2006

BP slashes spending on accountants in 2006

Cash spent on accountants by BP is cut to $113m after getting to grips with tougher reporting demands  

BP has dramatically cut the amount of cash
spent on accountants in 2006, indicating that the
corporate has weathered the heavy regulatory burden imposed in the previous
financial year.

The FTSE 100 giant announced in its
previous annual filing that it had shelled out $238m (£136m at last year’s
exchange rate) to accountancy firms during 2005 as IFRS and
Sarbanes-Oxley demands plagued the
company.

After paying Ernst
& Young
 $87m in 2005 for their all services including audit
operations BP disclosed a remuneration of $73m in 2006, but the real impact was
made in its payment to other accountants.

BP’s spend on general accountancy operations, seen as a yardstick for
the rest of the corporate world, plummeted by nearly 66% to $52m
compared with $151m last year.  

Further reading:

 Fee gusher is a one-off, claims BP

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