Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
The Financial Reporting Council (FRC) has launched investigations into the statutory audits of Stenn Assets UK Limited and Stenn International Limited by Azets Audit Services and Deloitte.
Stenn, a UK invoice-financing company, entered administration in December 2024 after one of its lenders flagged suspicious transactions.
The FRC is examining Azets’ audits of Stenn Assets UK for the financial years ended 31 December 2018 and 2022, and of Stenn International for 2017, 2018 and 2022.
It’s also looking into Deloitte’s audits of both companies for 2023.
The investigations were approved by the FRC’s conduct committee on 20 May 2025 and are being carried out by its enforcement division under the Audit Enforcement Procedure.
The FRC said: “The scope of the investigation is limited to the relevant statutory auditors and audit firms, 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.”
A spokesperson for Azets told Accountancy Today: “We responded promptly to the FRC’s request for information and are cooperating fully with its formal investigation.”
A spokesperson for Deloitte added: “We will co-operate fully with the Financial Reporting Council’s investigation. We remain committed to the highest standards of audit quality.”
