Oceanteam Disputes KPMG Resignation as Auditor in Norway

Oceanteam is in the process of filing a formal complaint as it disputes the validity of resignation of KPMG as statutory auditor in Norway.

KPMG informed Oceanteam on Thursday that it withdraws its services as statutory auditor in Norway with immediate effect.

The announcement comes following the Oceanteam’s suspension of KPMG’s services as its auditor in Norway earlier this month.

According to the company, the suspension decision was made based on Oceanteam’s investigative findings regarding audit costs that were charged for work not performed.

The investigation by an independent consultancy firm also showed that the amounts charged by KPMG compared to audit costs of peer companies in the offshore industry were substantially higher, the company explained.

The company reported its decision to suspend the services of KPMG to the Financial Supervisory Authority of Norway.

Susbea World News Staff

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