EY and two member firms are under investigation by the Financial Reporting Council (FRC) for issuing auditor reports without proper approval. The audit watchdog said reports were issued to unnamed entities without proper approval from a senior statutory auditor. The FRC’s Conduct Committee decided to open the investigation in July and it will be conducted by the regulator’s Executive Counsel. A spokesperson for EY said the Big Four firm self-reported the matter to the FRC “and will continue to fully co-operate with the investigation.” The FRC noted that opening an investigation does not indicate that it has made, or will make, any findings of misconduct. It is noted that the FRC now has five open investigations involving EY, which has already paid more than £5m in fines this year.
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