UK Financial Reporting Council (FRC) Opens Investigation on EY Audit of Post Office Limited from 2015 to 2018 for Fujitsu Horizon IT System, 900 Sub-Postmasters Prosecuted for Stealing Money Due to Wrong Information from Fujitsu Horizon IT System
17th April 2025 | Hong Kong
The UK Financial Reporting Council (FRC) has opened an investigation on EY audit of Post Office Limited from 2015 to 2018 for the Fujitsu Horizon IT system, with more than 900 sub-postmasters already prosecuted for stealing money due to wrong information from the Fujitsu Horizon IT system. Announcement (16/4/25): “This Press Notice concerns the opening of an investigation into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s). The investigation does not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities. The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits of the consolidated financial statements of Post Office Limited, conducted by Ernst & Young LLP for the financial years 29 March 2015, 27 March 2016, 26 March 2017 and 25 March 2018, with particular reference to matters related to the Horizon IT system. 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. This decision was taken at a meeting of the FRC’s Board on 13 March 2025. So as not to interfere with the Post Office Horizon IT Inquiry, the opening of this investigation follows the conclusion of the public hearings. While the Inquiry was extensive, it purposefully did not encompass the role or knowledge of external auditors in its scope. The FRC has been actively monitoring the Inquiry’s developments and awaits the formal Inquiry findings in due course. The Post Office is not classified as a Public Interest Entity (PIE) for the purposes of audit regulation. Accordingly, oversight is typically delegated to the relevant Recognised Supervisory Body, in this case the Institute of Chartered Accountants in England and Wales (ICAEW). The FRC has reclaimed this matter given the heightened public interest considerations. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.”
“UK Financial Reporting Council (FRC) Opens Investigation on EY Audit of Post Office Limited from 2015 to 2018 for Fujitsu Horizon IT System, 900 Sub-Postmasters Prosecuted for Stealing Money Due to Wrong Information from Fujitsu Horizon IT System “
UK Financial Reporting Council (FRC) Opens Investigation on EY Audit of Post Office Limited from 2015 to 2018 for Fujitsu Horizon IT System, 900 Sub-Postmasters Prosecuted for Stealing Money Due to Wrong Information from Fujitsu Horizon IT System
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