UK probes EY audit of Shell over rule breach

Britain’s Financial Reporting Council (FRC) has opened an investigation into Ernst & Young’s audit of Shell’s 2024 financial statements over potential violations of audit partner rotation rules.

Shell announced in July that it would update its 2023 and 2024 annual reports due to EY’s non-compliance with U.S. Securities and Exchange Commission rules, although the financial statements themselves remain unchanged, News.Az reports, citing Reuters.

The FRC’s Conduct Committee decided to launch the probe on October 21. The investigation will be carried out by the regulator’s Enforcement Division under the Audit Enforcement Procedure. Shell and EY have not commented on the matter.

 

News.Az