EY UK said Wednesday it has revamped procedures to avoid breaching limits on consulting work for audit clients after the Financial Reporting Council sanctioned it for doing too much non-audit work for a controversial Russian steel company.
“We identified a breach of the non-audit services fee cap in relation to our 2021 audit of Evraz plc, which we self-reported to the FRC,” Ernst and Young UK said in an emailed statement. It said that it had “since enhanced our internal guidance, training and procedures.”
The Big Four firm was reprimanded and fined a total of £251,305 ($319,358)
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