Watchdog in new EY 'unauthorised' audit reports probe

THE accountancy watchdog has commenced a new investigation into the Big Four firm EY and two of its members.

- MARIA WARD-BRENNAN

In an announcement yesterday morning, the Financial Reporting Council (FRC) revealed that it has commenced an investigation into “unauthorised issuance of auditor's reports to audited entities”.

This comes after the Big Four firm informed the regulator “that it has identified and informed the relevant audited entities, remediated the audit files, and concluded that no adjustments to the related financial statements or audit opinions were required”.