Shell picks PwC as new auditor to replace EY from 2027

Investing.com -- Shell has selected PricewaterhouseCoopers (PwC) as its new auditor following a tender process, with PwC set to take over from EY starting in 2027, the oil major announced Friday.

The change comes after Britain's Financial Reporting Council launched an investigation in December into EY's audit of Shell's 2024 financial statements, examining potential violations of audit partner rotation rules.

Shell disclosed in a regulatory filing last July that there had been a breach of regulations requiring listed companies to rotate lead audit partners every five to seven years and enforce cooling-off periods before they can return to audit the same client.

In that same filing, Shell stated it would need to amend its 2023 and 2024 annual reports after EY failed to comply with U.S. Securities and Exchange Commission rules on partner rotation. The company noted that despite these amendments, its financial statements would remain unchanged.

You May Also Be Interested In