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FRC Launches Investigation into EY's Audits of Post Office Accounts

The probe will assess EY's compliance with auditing standards during 2015-2018, focusing on issues linked to the Horizon IT system.

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EY signed off the annual accounts for Post Office Limited between 2015 and 2018

Overview

  • The Financial Reporting Council (FRC) has opened an investigation into EY's audits of Post Office Limited's financial accounts from 2015 to 2018.
  • The investigation focuses on EY's adherence to auditing standards, particularly regarding matters related to the faulty Horizon IT system.
  • EY, which has faced recent penalties for audit failings, confirmed its awareness of the probe and pledged full cooperation with the FRC.
  • The Horizon IT system led to over 900 wrongful convictions between 1999 and 2015, marking one of the UK's largest miscarriages of justice.
  • The FRC reclaimed oversight of the Post Office audits despite it not being a public interest entity, citing heightened public interest in the case.