The Financial Reporting Council has begun an full-scale investigation into the statutory audit conducted by EY of the consolidated financial statements of Shell plc for the financial year ended 31 December 2024.
On 2 July 2025 Shell told the London Stock Exchange that EY had reported non-compliance with audit partner rotation rules, including exceeding the time limitations for partner rotation under the UK’s Revised Ethical Standard.
The investigation will include consideration of whether relevant requirements relating to partner rotation have been breached.
The FRC Enforcement Division will conduct the investigation under the Audit Enforcement Procedure.
