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Accounting regulator opens probe into EY's audit of Post Office
(Sharecast News) - The accounting regulator has launched an investigation into EY's historic auditing of the Post Office at the time of the Horizon IT scandal, it was announced on Wednesday. The Financial Reporting Council, whose job is to promote transparency and integrity in business, said it has started a probe into the statutory audits of the Post Office for the financial years ending March 2015 to March 2018.
The investigation is "with particular reference to matters related to the Horizon IT system", it said.
The FRC, which regulates the auditing, accounting and actuary sectors and is responsible for the UK's Corporate Governance and Stewardship Codes, said it had waited until public hearings related to the Horizon IT inquiry had concluded in December before launching its probe so as to not interfere.
"In accordance with its remit, the FRC investigation will be focused specifically on the role of statutory auditors in meeting the auditing standards that pertained at the time, and not the broader issues related to the Horizon IT system itself," the FRC said.
More than 900 sub-postmasters were wrongly convicted for stealing between 1999 and 2015 because of errors in the Horizon IT system, developed by Fujitsu.
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