FRC News & Analysis
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FRC Fines EY Nearly £1.2M for Made.com 2021 Audit Failures
The UK's Financial Reporting Council (FRC) has fined EY approximately £1.2 million and audit partner Julie Carlyle £49,000 due to deficiencies in the 2021 audit of Made.com Group. The audit failures included breaches in areas related to going concern and deferred tax assets. Made.com, which joined the London Stock Exchange in June 2021, faced significant financial challenges, reporting a loss before tax of £35.3 million in 2022, leading to administration in November 2022. This enforcement action underscores the importance of rigorous auditing standards and oversight, which can impact investor confidence in financial reporting.
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FRC Opens Applications for UK GAAP Advisory Group Members
The Financial Reporting Council (FRC) has announced the opening of applications for new members to join its UK GAAP Technical Advisory Group. This group will include up to 15 financial reporting specialists advising on accounting standards in the UK and Republic of Ireland. Candidates from both for-profit and not-for-profit backgrounds are encouraged to apply until June 30, 2026. The FRC is particularly focused on diverse representation and emphasizes applicants with preparer experience. Recently, the FRC has faced increased scrutiny following allegations of fraud related to the collapse of Market Financial Solutions, which reportedly involved over £2bn ($2.6bn) in losses.
Read More: FRC Opens Applications for UK GAAP Advisory Group Members