Equinor to replace KMPG with EY as auditors next year

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Energy giant Equinor has announced it will replace audit, tax and advisory firm KPMG with accounting firm EY in 2019.

KPMG, considered to be one of the ‘big four’ global auditing firms, lost out to EY following a competitive audit tender, Equinor revealed.

The new auditors will still need to be approved before Equinor’s corporate assembly at its Annual General Meeting on May 15 2019.

KPMG will undertake Equinor’s audit for the 2018 financial year.

Jeroen van der Veer, chairman of the Equinor Board Audit Committee, said: “I would like to thank KPMG for their high professional standards and the work they have done to provide assurance to the Board and shareholders during their time as Equinor’s auditors.

“Subject to shareholder approval at the 2019 Annual General Meeting, we look forward to working with EY.”

Equinor struck a deal in October to return to one of UK North Sea’s biggest undeveloped fields after a five-year absence.

Equinor confirmed that it would acquire US major Chevron’s 40% working interest in the Rosebank project, which targets 300 million barrels of oil.

The Norwegian firm had previously held a 30% non-operated interest in Rosebank, but sold it to Austrian firm OMV in 2013.

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