FRC closes investigation into conduct of EY
Investigation into conduct and a former ICAEW member scrapped by FRC
AN INVESTIGATION into the conduct of EY and a former ICAEW member has been scrapped by the profession’s watchdog.
The FRC said it closed its investigation, announced in December, after its executive counsel Gareth Rees QC concluded that he did not consider there to be a realistic prospect that a tribunal would make an adverse finding against EY and the former member.
The investigation centred on potential breaches of the ethical standards for auditors in relation to the non-timely disposal of a share-holding in a client entity, the FRC said.