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The UK’s independent accounting regulator on Monday said it has launched an investigation into Ernst & Young LLP’s audit of Shell PLC over a potential breach of audit partner rotation rules.
The London-based oil and gas major said in July that EY had reported non-compliance with UK and US audit partner rotation rules, including exceeding the time limitation for how long an accounting firm partner can lead an audit.
The Financial Reporting Council said the probe relates to EY’s audit of Shell’s earnings for financial 2024.
Its investigation, which will be conducted by its Enforcement division, will determine whether these requirements have been breached.
Shares in Shell rose 0.8% to 2,707.00 pence on Monday afternoon in London.
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