Offshore service provider Oceanteam said it has suspended KPMG’s services as its auditor in Norway.
According to the company, the 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. Despite attempts made to resolve the dispute, to optimise costs and to improve the efficiency of KPMG’s services, no solution could be reached during 2017, Oceanteam said.
Oceanteam said it has initiated an additional investigation by an independent expert for the fiscal years 2015, 2016 and 2017 to re-evaluate the services and charges made.
The company has notified KPMG about the suspension, but said it continues its effort to resolve the matter in an amicable way.
Furthermore, Oceanteam has reported its decision to suspend the services of KPMG to the Financial Supervisory Authority of Norway and is now in the process of filing an official complaint.