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The Financial Reporting Council (FRC) is set to conduct an investigation in relation to EY’s audit of Made.com, which fell into administration last year.
The FRC said it will examine the firm’s audit of the furniture retailer’s financial statements for the year ended 31 December 2021.
In addition to the Made.com investigation, the FRC will also look into a breach of fee cap requirements during the EY audit of another, unnamed company.
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.
In a statement to Accountancy Today, EY said: “We can confirm that EY has been notified of the FRC’s intention to conduct investigations into the audit of Made.com Group plc, and into a breach of the fee cap requirements during the EY audit of another company, both for the years ended 31 December 2021.
“We will be fully cooperating with the FRC during their enquiries. It would be inappropriate to comment further at this time.”
