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Oceanteam and KPMG battle over billing dispute

Oceanteam and KPMG battle over billing dispute
Dutch Norwegian offshore services company Oceanteam says that KPMG has withdrawn its services as the company's statutory auditor in Norway with immediate effect.

The withdrawal by KPMG comes after Oceanteam revealed last week that is had suspended KMPG's services, claiming to have discovered audit costs that were charged for work not performed.

An investigation by Oceanteam, performed by an independent consultancy firm, clams that ''amounts charged by KPMG compared to audit costs of peer companies in the offshore industry were substantially higher.''

The two companies have been unable to resolve the dispute, which led to Oceanteam launching further investigations for fiscal years 2015, 2016 and 2017.

In response to KPMG's move to withdraw its services, Oceanteam said it disputes the validity of the resignation and is in process of filing a formal complaint.

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