EY, one of the Big Four accounting firms, is under investigation by the Financial Reporting Council (FRC) regarding its audits of the Post Office during a critical period from March 2015 to March 2018. The probe focuses on compliance with audit standards and the Horizon IT system's discrepancies that led to numerous wrongful convictions of postmasters. Following recent penalties for other audit failures, EY has asserted its commitment to cooperate with the FRC. The investigation adds to mounting scrutiny over EY's audit practices and regulatory responsibilities.
Big Four accounting giant EY is under investigation by the FRC for its audits of the Post Office, particularly regarding discrepancies linked to the Horizon IT system.
The FRC is specifically examining whether EY met audit standards between March 2015 and March 2018, during the period of the Post Office scandal.
EY stated its commitment to cooperate fully with the FRC, emphasizing its responsibility towards the public interest amid the ongoing investigation.
This latest investigation comes after EY was recently fined £4.9m for auditing failures related to Thomas Cook and an additional fine of £325,000 for Stirling Water Seafield.
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