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The UK's Financial Reporting Council has opened an investigation into EY over its audit of Post Office Limited

UK's audit watchdog probes EY over Post Office scandal

Britain's Financial Reporting Council has opened an investigation into EY over its audit of Post Office Limited, it said today, amid the lingering fallout from one of the country's worst miscarriages of justice.

Business • 16 Apr

Entain is the owner of brands including Ladbrokes and Coral

UK watchdog launches probe into KPMG's audit of Entain

Britain's accounting watchdog said today it has started an investigation into the audit conducted by KPMG of the financials of bookmaker Entain for the year ended December 2022.

Business • 20 Jan

UK builder Carillion imploded in 2018 and prompted a root and branch review of auditing standards

KPMG UK hit with record fine over Carillion audit

Britain's accounting regulator has today fined KPMG a record £21m for a "textbook failure" in audits of Carillion, the builder that imploded in 2018 and prompted a root and branch review of auditing standards.

Business • 12 Oct 23

PwC and KPMG were fined for their 'serious' failings in their auditing of the Eddie Stobart Logistics company in 2017 and 2018

PwC and KPMG fined over Eddie Stobart Logistics audit

The UK accounting watchdog said today it had fined PwC and KPMG, two of the world's top four auditors, for "serious" failings in their auditing of Eddie Stobart Logistics (ESL) company in 2017 and 2018.

Business • 29 Jun 23

The FRC said breaches identified on PwC's audits of Babcock included repeated failures to challenge management and obtain sufficient appropriate evidence

PwC fined £7.5m for serious breaches on Babcock audits

Britain's auditing watchdog has imposed a £7.5m penalty on PwC for "serious breaches" found in audits of engineer Babcock International, the regulator said today.

Business • 08 Mar 23

Deloitte has been fined more than £900,000 over its audits of building materials supplier SIG for the 2015 and 2016 financial years

UK watchdog fines Deloitte over SIG audit

Britain's accounting watchdog said today it had fined Deloitte more than £900,000 over its audits of building materials supplier SIG for the 2015 and 2016 financial years.

Business • 22 Dec 22

PwC said it was sorry that aspects of its audit of BT Group for the year ended March 2017 were not of the required standard

PwC fined £1.75m over BT audit after fraud in Italy

Britain's accounting watchdog has today fined auditor PwC £1.75m after it failed to properly challenge UK telecoms group BT once a half-a-billion pound fraud was discovered in BT's Italian operations.

Business • 08 Aug 22

The FRC this week fined EY £3.5m for failing to challenge financial statements in its audit of transport group Stagecoach Group's in 2017

UK accounting watchdog to bolster audit governance

Britain's accounting watchdog said it plans to strengthen "significantly" its audit firm governance code, after a number of issues around audits of UK firms in recent years.

Business • 26 Aug 21

The UK's Financial Reporting Council fines EY over the audit of transport firm Stagecoach Group's financial statements in 2017

EY fined £3.5m by UK accounting watchdog

The UK accounting watchdog has fined Ernst & Young £3.5m over the audit of transport firm Stagecoach Group's financial statements in 2017.

Business • 25 Aug 21

Deloitte were investigated in relation to their audit of Autonomy's financial statements for 2009 and 2010

Deloitte hit with record £15m fine for Autonomy audit

Britain's accounting regulator said today it has fined Deloitte a record £15m for its audit of software firm Autonomy that contained "serious and serial failures".

Business • 17 Sep 20

KPMG and the other big accounting firms are facing major reforms to improve standards after company collapses at British builder Carillion and retailer BHS

KPMG UK fined £700,000 for failing to challenge client

Britain's accounting watchdog fined KPMG and a senior partner for failing to challenge what a client was telling them about certain complex supplier arrangements.

Business • 02 Apr 20

The UK economy has gone into lockdown during the coronavirus crisis and a recession is predicted

Britain eases financial reporting rules during epidemic

UK financial regulators announced a welter of measures today to give companies more time to publish results and banks more leeway for handling troubled loans.

Business • 26 Mar 20

The UK Financial Conduct Authority said companies planning to report over the next few days should hold off so that they could better assess how Covid-19 is affecting their business

UK firms defer results after regulators call for delays

UK companies including home improvement group Kingfisher - which owns B&Q - said they would delay full-year results for at least two weeks, heeding a call from the financial markets regulator on Saturday.

Business • 23 Mar 20

Holiday company Thomas Cook collapsed in September

UK watchdog extends probe into EY audit of Thomas Cook

The UK's Financial Reporting Council (FRC) has added an extra year to its investigation into accountant EY's audit of Thomas Cook.

Business • 19 Dec 19

Thomas Cook currently has around 600,000 people abroad

UK accounting regulator mulls examining Thomas Cook

Britain's Financial Reporting Council said today it was considering investigating the collapse of travel company Thomas Cook.

Business • 24 Sep 19

PwC has apologised that its work fell below the professional standards expected of the company

PwC fined £4.5m over audit of Redcentric in UK

The UK accounting watchdog has fined PwC £4.55m for failing to challenge management at IT services company Redcentric where a £20m hole was later found in the books.

Business • 13 Jun 19

KPMG has said that some of its work for BNY Mellon's London branch in the year ended December 2011 did not fully reflect all aspects of official guidance

UK audit watchdog proposes record fine for KPMG

Britain's accounting watchdog has proposed fining KPMG £12.5m for errors in checking whether BNY Mellon bank was complying with rules for safeguarding client assets.

Business • 22 May 19

The UK's Financial Reporting Council has updated its code of corporate standards for publicly listed companies

UK unveils 'short and sharper' code for companies

Companies in the UK must strive to rein in excessive executive pay and make boards more diverse under a new "short and sharper" corporate code, published today.

Business • 16 Jul 18

The UK's Financial Reporting Council is probing KPMG's audit of Conviviality

UK watchdog probes KPMG's audit of Conviviality

The UK accounting watchdog is investigating KPMG's audit of drinks firm Conviviality's financial statements, weeks after highlighting an "unacceptable deterioration" in the auditor's work with top British firms.

Business • 03 Jul 18

The FRC launched an investigation into the PwC audit in 2016, a year after it signed off BHS as a 'going concern'

PwC fined £10m over audit of UK's BHS

PricewaterhouseCoopers, which audited the accounts of collapsed British retail chain BHS, has been fined £10m by the UK's Financial Reporting Council (FRC).

Business • 13 Jun 18

UK's FRC said the RSA investigation was related to 'financial irregularities' at its Irish business

UK watchdog to probe conduct at RSA's Irish unit

Britain's accounting watchdog said it would investigate the conduct of individuals who worked for RSA Insurance Ireland in the run-up to its bail-out by its UK parent.

Business • 07 Jul 15

The UK Financial Reporting Council has opened a probe into Tesco's accounts

Tesco scandal puts spotlight on UK's audit checks

Tesco's book-keeping scandal has prompted Britain's accounting policeman to turn a spotlight on annual reports in the retail sector to check for similar irregularities.

Business • 29 May 15

A probe by the UK's FRC will focus on financial figures reported and prepared by Tesco and its auditor PwC

UK accounting watchdog launches Tesco probe

The UK's accounting watchdog has launched an investigation into a £263m overstatement of profit expectations at Tesco.

Business • 22 Dec 14

Financial Reporting Council