UK Financial Reporting Council (FRC) Investigating Azets & Deloitte Audits of Collapsed $900 Million UK Fintech Invoice Financing Company Stenn from 2017 to 2023, Stenn Entered into Administration in 2024 December, Stenn Founded in 2015 by Greg Karpovsky
12th July | Hong Kong
The UK Financial Reporting Council (FRC) is investigating Azets & Deloitte audits of collapsed $900 million UK fintech invoice financing company Stenn for audits from 2017 to 2023. Stenn entered into administration in 2024 December. Stenn was founded in 2015 by Greg Karpovsky. Announcement (10/7/25): “This Press Notice concerns the opening of investigations into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s). The investigations do 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. Nor does the opening of an investigation indicate that the FRC has made, or will make, any findings of breach of Relevant Requirements. The Financial Reporting Council has commenced investigations into the statutory audits of the financial statements and consolidated financial statements of Stenn Assets UK Limited and Stenn International Limited (“SAUK”, “SIL” or collectively “Stenn”) by Azets Audit Services Limited (“Azets” – formerly trading as Wilkins Kennedy Audit Services) and Deloitte LLP (“Deloitte”). Stenn is a UK invoice-financing company which went into administration in early December 2024, following the identification by one of its lenders of suspicious transactions. The investigations have been opened into the following audits of Stenn: 1) Azets’ audits of SAUK for the financial years ended 31 December (“FY(s)”) 2018 and FY 2022 and of SIL for FYs 2017, 2018 and 2022. 2) Deloitte’s audits of SAUK and SIL for FY 2023. The decision to open the investigations was made at a meeting of the FRC’s Conduct Committee on 20 May 2025. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.”
“ UK Financial Reporting Council (FRC) Investigating Azets & Deloitte Audits of Collapsed $900 Million UK Fintech Invoice Financing Company Stenn from 2017 to 2023, Stenn Entered into Administration in 2024 December, Stenn Founded in 2015 by Greg Karpovsky “
UK Financial Reporting Council (FRC) Investigating Azets & Deloitte Audits of Collapsed $900 Million UK Fintech Invoice Financing Company Stenn from 2017 to 2023, Stenn Entered into Administration in 2024 December, Stenn Founded in 2015 by Greg Karpovsky
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