Investigation regarding the audits of Stenn by Azets and Deloitte
News types: Investigations
Published: 10 July 2025
This Press Notice concerns the opening of investigations into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s)[1] . The investigations do not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(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. Nor does the opening of an investigation indicate that the FRC has made, or will make, any findings of breach of Relevant Requirements.
The Financial Reporting Council has commenced investigations into the statutory audits of the financial statements and consolidated financial statements of Stenn Assets UK Limited and Stenn International Limited (“SAUK”, “SIL” or collectively “Stenn”) by Azets Audit Services Limited (“Azets” – formerly trading as Wilkins Kennedy Audit Services) and Deloitte LLP (“Deloitte”).
Stenn is a UK invoice-financing company which went into administration in early December 2024, following the identification by one of its lenders of suspicious transactions.
The investigations have been opened into the following audits of Stenn:
- Azets’ audits of SAUK for the financial years ended 31 December (“FY(s)”) 2018 and FY 2022 and of SIL for FYs 2017, 2018 and 2022
- Deloitte’s audits of SAUK and SIL for FY 2023
The decision to open the investigations was made at a meeting of the FRC’s Conduct Committee on 20 May 2025.
The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
Footnotes
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[1]
Defined terms in this press notice refer to terms defined in the FRC’s Audit Enforcement Procedure.