British watchdog inspecting EY audit of Veolia’s UK unit

LONDON, Jan 13 (Reuters) – Britain’s accounting watchdog mentioned on Friday it had opened an investigation into Ernst & Younger LLP’s audit of the 2019 monetary statements of Stirling Water Seafield Finance, a UK unit of French group Veolia (VIE.PA).

The Monetary Reporting Council (FRC) mentioned in a press release it was inspecting the audit by the “Massive 4” accountant into the monetary statements of the corporate for the yr ended Dec. 31, 2019, with out giving additional particulars.

In April 2021, EY despatched a letter to the corporate notifying that it will finish its function as auditor because it had inadvertently breached the utmost 10-year engagement interval when it was reappointed as exterior auditor to the corporate for 2019.

“We will verify that EY has been notified of the FRC’s intention to conduct an investigation into the audit of Stirling Water Seafield Finance plc for the yr ended 31 December 2019. We shall be absolutely cooperating with the FRC throughout their enquiries,” EY mentioned in an emailed assertion.

Based on Stirling Water Seafield Finance’s monetary assertion, the corporate’s principal exercise is to boost funds to allow different group corporations to improve and function waste water therapy amenities in relation to Almond Valley, Seafield and Esk areas within the UK.

The 2019 auditor´s report of Stirling Water Finance was signed by Christopher Voogd, senior statutory auditor, for and on behalf of Ernst & Younger LLP, in accordance with the doc printed within the Corporations Home.

Reporting by Andres Gonzalez, Enhancing by Mark Potter and Susan Fenton

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