The U.K. Financial Reporting Council (FRC) announced it has launched two separate investigations in relation to audits conducted by Ernst & Young.
On April 20, the FRC said it has commenced an investigation in relation to an audit conducted by Ernst & Young of the consolidated financial statements of Made.com Group for the year ended Dec. 31, 2021. The London-based e-commerce company collapsed in November 2022 before being acquired by Next, a British clothing company.
In a separate statement issued that same day, the FRC said it was also investigating Ernst & Young in relation to an audit of the financial statements of an unnamed company, also for the year ended Dec. 31, 2021. “The investigation relates to a breach of the fee cap requirements set out in the FRC’s Revised Ethical Standard 2019,” the FRC said. 
Jaclyn Jaeger is a contributing editor at Compliance Chief 360° and a freelance business writer based in Manchester, New Hampshire.