Investigation regarding an audit conducted by Ernst & Young LLP

News types: Investigations

Published: 20 April 2023

This Press Notice concerns the opening of an investigation into the relevant Statutory Auditor(s). The investigation does not relate to any persons other than the relevant Statutory Auditor(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities.

The Financial Reporting Council (“FRC”) has commenced an investigation in relation to a statutory audit conducted by Ernst & Young LLP of the financial statements of a company for the year ended 31 December 2021. The investigation relates to a breach of the fee cap requirements set out in the FRC’s Revised Ethical Standard 2019.

The decision was made at a meeting of the FRC’s Conduct Committee on 20 March 2023.

The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

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