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Auditor EY fined GBP325,000 in UK for exceeding PIE time limit

( April 14, 2025, 09:18 GMT | Official Statement) -- MLex Summary: Auditor EY has been fined 325,000 pounds (around $425,000) by the UK's Financial Reporting Council, for its breach of a rule that forbids one firm from auditing a Public Interest Entity for a period longer than 10 years. A PIE is usually a UK-listed company, bank or insurer. Under the mandatory firm-rotation requirement, an auditor should either rotate off a PIE audit after 10 years, or take part in a public tendering process. However, EY had audited Stirling Water Seafield Financial from 2009 until it resigned in 2021. The FRC described EY’s failings as “significant,” and imposed an additional fine of 32,500 pounds on audit engagement partner Christopher Voogd.Statement below...

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