The UK Financial Reporting Council (FRC) has formally opened an investigation into Ernst & Young LLP’s statutory audit of Shell plc’s consolidated financial statements for the year ended December 31, 2024. The probe focuses on potential breaches of mandatory audit partner rotation requirements under the FRC’s Revised Ethical Standard. The investigation follows a July 2, 2025, disclosure by Shell to the London Stock Exchange, in which the energy major said EY had identified non-compliance with audit partn ...