BDO is Set to Replace PwC as JKX Oil & Gas New External Auditor
JKX Oil & Gas, a British-based exploration and production company, listed on the London Stock Exchange, is set to replace BDO with PwC as its External auditor.
The company has said in a statement that BDO are proposed to replace PwC as the company’s external auditor with effect from October 18, 2018 and the mid-tier audit firm will undertake the audit for the fiscal year ending December 31, 2018. The decision of appointing BDO as the company’s new external auditor has been taken following a formal and competitive tender process which was overseen by the company’s audit committee. The appointment of BDO as company’s external auditor will be subject to approval by the JKX’s shareholders at the company’s 2019 annual general meeting.
PwC was first named as the company’s auditor in the year 2006 and was then re-appointed by the exploration firm in 2011 following a formal and competitive tender process.
The company has thanked the big four firm for the work it has performed being their external auditor. The audit committee has said that the decision of proposing BDO as PwC’s potential successors was taken after conducting a competitive audit tender process.
As per the company’s 2017 annual report, PwC was paid $628,000 in total by JKX out of which $288,000 was for the audit of the parent company, $198,000 was paid for audit of subsidiaries, $101,000 was paid against audit-related assignments and $41,000 paid for non-audit services.