EY audit of NMC Health before its collapse was ‘deficient'
EY's audit of NMC Health before its collapse due to alleged internal fraud was 'deficient in multiple respects' and the failings 'extremely serious', according to an investigation by the accounting regulator.
The provisional findings of a report by the Financial Reporting Council (FRC) were referenced in written submissions at the start of the High Court trial against EY, the Big Four accounting firm, on Monday by insolvency practitioners at Alvarez & Marsal, the administrators of NMC, a former FTSE 100 company.
The administrators filed a claim against EY three years ago for breach of contract and duty of care, and negligence relating to EY's audit work for NMC between 2012 and 2018 and are seeking £2 billion.
NMC has disclosed more than half a million
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an hour ago
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Reuters
an hour ago
- Reuters
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