Caverton Appoints PricewaterhouseCoopers as External Auditor

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Caverton‘s Revenue Down By 8% To N23.6billion In The 3rd Quarter Of The Year

PricewaterhouseCoopers has been announced as the new External Auditor of Caverton Offshore Support Group Plc (COSG).

This was disclosed in the resolutions passed at the 12th Annual General Meeting held on Thursday, 27th May 2021,

Caverton appointed PricewaterhouseCoopers as the External Auditor of the Company in place of EY (Ernst & Young), who retired as the Company’s Auditor.

The Directors were authorized to fix the remuneration of Auditors.

Wirecard scandal

Deutsche Bank may drop EY as its auditor after the Wirecard scandal left the Big Four firm under investigation and battling to restore its reputation. In an unusual move, Germany’s biggest lender is inviting firms to compete for its 2022 audit just two years after hiring EY to replace KPMG, which had vetted the bank’s books for more than 60 years.

Deutsche’s chair Paul Achleitner told shareholders at the bank’s annual meeting on Thursday that the lender wants “to keep all its options open” regarding EY given the “future uncertainties”.

He added that opening up the tender for its 2022 audit was a precautionary step. Nonetheless, the decision is a blow for EY, which completed its first audit for the bank only this year. The firm has been under siege since Wirecard collapsed last June in one of Europe’s largest accounting frauds of recent decades.