EY under investigation for Post Office auditing amid Horizon scandal
The UK's Financial Reporting Council (FRC) is investigating accounting firm EY for its auditing of the Post Office during the Horizon software scandal.
In a statement, the FRC said its '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 Horizon software, developed by Fujitsu, was at the core of the Post Office scandal, reported The Guardian.
This scandal has been under inquiry, with public hearings concluding in December.
The FRC stated that the investigation into EY follows the public hearings, 'so as not to interfere with the Post Office Horizon IT Inquiry'.
The FRC noted that the Institute of Chartered Accountants in England and Wales usually oversees accounting at the Post Office.
However, the FRC has 'reclaimed this matter given the heightened public interest considerations'.
The investigation will cover four financial years up to 25 March 2018.
Post Office executives allegedly used over £130m of taxpayers' funds to defend the company in the inquiry into the wrongful prosecution of over 900 workers.
These prosecutions were based on incorrect data from the Horizon system, leading to severe consequences for branch operators between 1999 and 2015, reported the media outlet.
The FRC's investigation into EY is part of broader regulatory scrutiny of major accountancy firms.
Recently, the FRC sanctioned EY and audit partner Christopher Voogd for breaches in statutory audit of Stirling Water Seafield Finance for the year ending 31 December 2019.
EY exceeded the ten-year audit limit for a Public Interest Entity without a public tender, violating company law and the FRC's Mandatory Firm Rotation requirements.
Both EY and Voogd failed to adhere to proper procedures for audit engagement, contravening International Standards for Auditing, according to the FRC.
"EY under investigation for Post Office auditing amid Horizon scandal " was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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