Financial audit of under investigation by FRC

The Financial Reporting Council (FRC) has launched an investigation into the audit of online furniture retailer by Ernst & Young LLP.

The investigation relates to the consolidated financial statements of Group plc for the year ended 31 December 2021.

In a brief statement, the FRC said: “The decision was made at a meeting of the FRC’s Conduct Committee on 20 March 2023.

“The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

“The investigation relates to a breach of the fee cap requirements set out in the FRC’s Revised Ethical Standard 2019.”

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