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3mo ago

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

The probe focuses on EY’s audits from 2015 to 2018 and their handling of issues linked to the Horizon IT system, central to the UK’s largest miscarriage of justice.

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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 for financial years 2015 to 2018, specifically examining adherence to auditing standards.
  • The investigation centers on the Horizon IT system, which caused accounting errors leading to the wrongful prosecution of over 900 sub-postmasters between 1999 and 2015.
  • The FRC reclaimed oversight of the case from the Institute of Chartered Accountants in England and Wales, citing heightened public interest in the Post Office scandal.
  • EY, one of the Big Four accounting firms, has pledged full cooperation with the investigation, emphasizing its commitment to public interest responsibilities.
  • This marks a continuation of efforts to address accountability in the Post Office scandal, as compensation for victims remains unresolved for many.