EY fined £3.5m over Stagecoach audit failings

Auditing failings cover its pension scheme, a rail franchise deal, and insurance provisions

Holly Roach
clock • 2 min read
Audit engagement partner Mark Harvey has also been sanctioned
Image:

Audit engagement partner Mark Harvey has also been sanctioned

EY has been fined £3.5m by the Financial Reporting Council (FRC) for failures over its audit of transport company Stagecoach.

The global auditor was also handed a "severe reprimand" over problems when auditing Stagecoach's defined benefit (DB) scheme obligations. The firm's audit engagement partner Mark Harvey has also...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Defined Benefit

 University of Cornell

Younger USS staff to lose up to £200,000 in retirement

University and College Union cites ‘damning evidence’ published this week

Hope William-Smith
clock 17 June 2022 • 2 min read
 Jo Grady

USS called on to reconsider benefits amid deficit shrink

USS chief executive this week confirmed the scheme’s £14bn deficit has shrunk to £1.6bn

Hope William-Smith
clock 01 June 2022 • 1 min read
Industry Voice: SI dilemmas — is 'E' or 'S' more important?

Industry Voice: SI dilemmas — is 'E' or 'S' more important?

Sustainable investing has become mainstream, but it’s not a perfect science, with many challenges that practitioners must face.

Robeco
clock 17 May 2022 • 2 min read
Trustpilot