UK Watchdog Investigating EY Audit of Veolia UK Unit

The UK’s accounting watchdog said Friday that it’s investigating Ernst & Young LLP’s audit of a finance company that went on longer than allowed under the country’s regulations.

The Financial Reporting Council is examining the Big Four firm’s audit of Stirling Water Seafield Finance Plc’s accounts for the year ended Dec. 31, 2019, it said. Stirling is owned by the French water group Veolia and raises funds for other parts of the group to invest in wastewater treatment facilities.

• The investigation is being conducted under the audit enforcement procedure, the FRC said, providing no other details. In April 2021, EY ...