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FRC Investigates Ernst & Young Over Shell Audit Violations

12/17/2025

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Summary

Story summary

The Financial Reporting Council (FRC) has opened an investigation into Ernst & Young's audit of Shell plc's 2024 accounts for breaches of audit partner rotation rules.
Shell plc admitted in July 2024 that it violated UK rules requiring partner changes every five to seven years.
Shell will amend its annual reports, and its financial statements will remain unchanged.

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Story summary

The Financial Reporting Council (FRC) has opened an investigation into Ernst & Young's audit of Shell plc's 2024 accounts for breaches of audit partner rotation rules.
Shell plc admitted in July 2024 that it violated UK rules requiring partner changes every five to seven years.
Shell will amend its annual reports, and its financial statements will remain unchanged.