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The Financial Reporting Council (FRC) has announced the closure of its investigation into audits conducted by EY of the consolidated financial statements of two entities.
The probe focused on the 2021 and 2022 financial years for a public interest entity and a related non-PIE entity.
The council’s conduct committee initially opened the case under the audit enforcement procedure in November 2024 and publicly announced the investigation in March 2025.
Executive counsel reviewed evidence gathered during the investigation, before deciding not to bring enforcement action against the firm or any individuals.
Under the rules of the audit enforcement procedure, the respondents are no longer liable for action and the case is now concluded.
The regulator confirmed the investigation did not relate to any other persons or entities beyond the relevant statutory auditors and the firm.
A spokesperson for the FRC said: “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.”
