The Financial Reporting Council (FRC) has launched a probe into Made.com’s auditor EY over its handling of the collapsed furniture retailer’s finances.
The online retailer went into administration in November last year after the failed rescue to find a buyer, resulting in hundreds of job losses. However, retail giant Next snapped up the brand’s IP and unveiled plans to relaunch it later this year.
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The UK’s audit watchdog announced today that it will start investigating EY’s accounts of the firm’s finances for the year ending December 2021.
The regulator added that it would also be investigating EY’s audits of a separate unknown company in 2021, focusing on a possible breach of fee cap requirements.
“We will be fully cooperating with the FRC during their inquiries. It would be inappropriate to comment further at this time,” an EY spokesperson said.
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