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EY probe highlights risk when UK watchdog wields power to ‘reclaim’ audits

By Phoebe Seers ( April 16, 2025, 11:20 GMT | Comment) -- News of a probe into EY’s audits of the UK postal operator highlights a little-used but significant power that the audit watchdog has to “reclaim” jurisdiction over audits of businesses over which it typically has no remit. The Financial Reporting Council delegates supervision of audits of privately held companies but can take enforcement action if it sees that as in the public interest. When it happens, auditors face the risk of significantly higher fines.An investigation into EY’s audits of the UK postal operator announced today highlights a little-used but significant power of the audit watchdog to “reclaim” jurisdiction over audits of businesses over which it typically has no remit....

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