Closure of investigation regarding an audit by Ernst & Young LLP
News types: Investigations
Published: 24 February 2026
This Press Notice concerns an investigation into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s)[1] . The investigation did 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.
The Financial Reporting Council today announces the closure of its investigation into the audits conducted by Ernst & Young LLP of the consolidated financial statements of a Public Interest Entity (PIE) and a related non-PIE entity for the years ended 31 December 2021 and 2022.
The investigation was opened under the Audit Enforcement Procedure (AEP), following a decision by the FRC’s Conduct Committee on 21 November 2024, and was announced on 13 March 2025.
Having reviewed the evidence obtained in the investigation, and having considered all relevant factors, the FRC’s Executive Counsel decided not to bring Enforcement Action.
Therefore, in accordance with Rule 146 of the AEP, the Executive Counsel has decided that the Respondents to the investigation should no longer be liable for Enforcement Action. Accordingly, the case has been closed.
Footnotes
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[1]
Defined terms in this press notice refer to terms defined in the FRC’s Audit Enforcement Procedure.