Royal Dutch Shell Group .com Rotating Header Image

Posts on ‘July 16th, 2004’

KPMG and PricewaterhouseCoopers, auditors of Royal Dutch/Shell, have come under scrutiny

The Times: Need to Know: “KPMG and PricewaterhouseCoopers, the auditors of Royal Dutch/Shell, the oil giant, have come under scrutiny”

16 July 04

KPMG and PricewaterhouseCoopers, the auditors of Royal Dutch/Shell, the oil giant, have come under scrutiny over allegations that they were sent copies of internal reports that revealed the concerns of an internal Shell auditor that the group’s booking of oil and gas reserves did not comply with US Securities and Exchange Commission rules.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Times: Shell auditors face more questions

The Times: Shell auditors face more questions

“Mr Barendregt states that when he signalled conflicts with SEC rules to his superiors he was overruled by the Reserves Committee and exploration executives.”

By Carl Mortished, International Business Editor

July 16, 2004

SHELL’S external auditors, KPMG and PricewaterhouseCoopers, have come under scrutiny over allegations that they were warned by the oil giant’s group reserves auditor in 2002 that reporting of Shell’s reserves was questionable.

Internal reports critical of the Anglo-Dutch group’s reserves booking were allegedly sent to the outside auditors by Anton Barendregt, a former reserves auditor.

Shell revealed in January that a fifth of its oil and gas reserves were misreported, a scandal that has led to the removal of three senior directors, including the chairman, Sir Philip Watts. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Daily Telegraph: Shell warning

Daily Telegraph: Shell warning

Auditors at Shell warned that an internal bonus system might encourage reserves levels to be inflated, two years before Shell said it had overstated its “proven” barrels by 23pc, the Wall Street Journal claims.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Bloomberg: Former Shell Chairman Claims he Acted `Appropriately,’ BBC Says

Bloomberg: Former Shell Chairman Claims he Acted `Appropriately,’ BBC Says

July 15 (Bloomberg) — Former Royal Dutch/Shell Group Chairman Philip Watts, who resigned in March after the company said it had overstated its oil reserves, said he acted “appropriately” in his role at Shell, the British Broadcasting Corp. said, citing a statement by Watts.

“I remain confident that I acted appropriately and the ongoing investigations will arrive at the same conclusion,” Watts told a BBC2 documentary about Shell’s reserves.

Watts and other top executives were ousted after Shell hurt investors’ confidence earlier this year by saying it had overstated its proved oil and gas reserves by 23 percent. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Guardian: Shell had early reserves warning

The Guardian: Shell had early reserves warning

“Shell admitted yesterday that it had been warned about inflated reserves before it was forced to issue the first of four downgrades this year.”

David Gow

Friday July 16, 2004

Shell admitted yesterday that it had been warned about inflated reserves before it was forced to issue the first of four downgrades this year.

The latest mea culpa came after the Wall Street Journal reported that an internal auditor at the energy group had notified outside auditors of potential problems in 2002.

Shell said issues about a number of fields or regions had been identified earlier than January 2004 when it first downgraded its proven reserves. The downgrades now amount to 4.47bn barrels, 23% of Shell’s previously claimed reserves. The group said the earlier warnings had come when it was believed that any differences would be offset by potential adjustments in other areas. The combined effect was to leave reported volumes unaltered. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Independent: Shell auditors told of problems with overstated reserves two years ago

The Independent: Shell auditors told of problems with overstated reserves two years ago

“Anton Barendregt, is said to have highlighted systemic problems with the company’s reserves reporting procedures”

By Michael Harrison, Business Editor

16 July 2004

The spotlight in the Shell reserves scandal fell on the oil giant’s external auditors yesterday after reports that company insiders had alerted them to the possible need for downgrades two years ago.

According to documents quoted by the Wall Street Journal, KPMG and PriceWaterhouseCoopers – Shell’s joint auditors – were warned in 2002 by the company’s internal auditor about potential problems with its reserves bookings.

Shell’s internal reserves auditor, Anton Barendregt, is said to have highlighted systemic problems with the company’s reserves reporting procedures. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Scotsman: Shell tight-lipped on claim

The Scotsman: Shell tight-lipped on claim

“TROUBLED Shell was involved in fresh turbulence yesterday as it stonewalled questions”

MARTIN FLANAGAN CITY EDITOR

Fri 16 Jul 2004

TROUBLED Shell was involved in fresh turbulence yesterday as it stonewalled questions about a report alleging that external auditors were warned the oil major was inflating its energy reserves two years before it owned up, early in 2004.

The warnings to affiliates of KPMG International and PricewaterhouseCoopers International were said to be contained in Shell documents reviewed by a newspaper.

However, a Shell spokesman said yesterday: “We will not comment on leaked and unverifiable documents. We have submitted a full report to the regulators. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
%d bloggers like this: