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.