PwC wins Cairn Energy audit tender

PwC wins Cairn Energy audit tender

PwC replaces Ernst & Young as auditors of FTSE 250-listed oil and gas exploration group Cairn Energy

FTSE 250-LISTED oil and gas exploration group Cairn Energy has appointed PwC as its auditors, the company said in a preliminary results announcement.

The news came as Cairn revealed it had cut its full-year operating losses to $194m (£128m) from £1.2bn a year earlier.

PwC replaces Big Four rival Ernst & Young, who will resign as auditors on completion of their work for this year.

Cairn paid E&Y £633,878 in audit fees last year, according to data compiled by Financial Director. The firm picked up a further £106,290 in not audit fees and £65,707 in audit-related fees.

“The board would like to thank Ernst & Young for the excellent services provided to the Company over many years up to and including the 2012 year end audit,” Cairn said.

Shareholder approval will be sought at the AGM to formally appoint PwC as the company’s external auditor.

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