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EY investigated over Post Office Horizon audit | EY investigated over Post Office Horizon audit |
(about 1 hour later) | |
Accounting giant EY is being investigated over its audits of the Post Office in relation to the Horizon scandal from March 2015 to March 2018. | |
The Financial Reporting Council (FRC), the UK's accounting regulator, said it will check whether EY met its standards "with particular reference to matters related to the Horizon IT system". | The Financial Reporting Council (FRC), the UK's accounting regulator, said it will check whether EY met its standards "with particular reference to matters related to the Horizon IT system". |
The software developed by Fujitsu was at the heart of the Post Office scandal that saw hundreds of postmasters wrongly convicted. | The software developed by Fujitsu was at the heart of the Post Office scandal that saw hundreds of postmasters wrongly convicted. |
EY said it takes its responsibilities "extremely seriously" and will be "fully cooperating" with the FRC. | EY said it takes its responsibilities "extremely seriously" and will be "fully cooperating" with the FRC. |
The Post Office declined to comment. | |
The FRC said the recent public hearings carried out as a broader inquiry into the Horizon scandal did not cover EY's audits of the Post Office, so will not be covered by its investigation. | The FRC said the recent public hearings carried out as a broader inquiry into the Horizon scandal did not cover EY's audits of the Post Office, so will not be covered by its investigation. |
One of the unanswered questions of the Post Office inquiry is where all the money wrongly taken from victims of the Horizon scandal actually went. | |
The FRC wants to focus specifically on the role of statutory auditors - people legally required to review the financial statements of a company - in meeting the auditing standards of that time. | |
The announcement comes as subpostmaster campaigners Lee Castleton, Seema Misra and Chris Head will be made OBEs at Windsor castle on Wednesday. | |
More than 900 sub-postmasters were prosecuted for stealing because of incorrect information from the Horizon computer system. It has been called the UK's most widespread miscarriage of justice. | More than 900 sub-postmasters were prosecuted for stealing because of incorrect information from the Horizon computer system. It has been called the UK's most widespread miscarriage of justice. |
The Post Office itself took many cases to court, prosecuting 700 people between 1999 and 2015. | The Post Office itself took many cases to court, prosecuting 700 people between 1999 and 2015. |