The Financial Reporting Council (FRC) has fined EY a total of £1,197,000, for audit failings and breaches of standards related to the audit of Made.com Group plc completed in the months before the business went bust in November 2022.

In addition, Julie Carlyle, the EY audit engagement partner and the statutory auditor for Made.com, was fined £49,000, reduced from £70,000 for early payment. She had been auditor for the business for four different financial years in total during EY’s nine-year tenure as auditor.  

As well as financial sanctions, EY and Carlyle were also given a ‘severe reprimand’ by the regulator. In total firm and partner had to pay a total of £1,246,000, and FRC’s legal costs. EY’s fine was also reduced from an initial £1.8m for ‘mitigating factors’ including early admissions and ‘remedial steps’ already taken by the firm.

Made.com was fo