A RNS notice on the London Stock Exchange stated that EY only informed audit client Shell yesterday that the Big Four firm had broken the US Securities & Exchange Commission (SEC) audit partner rotation rules for two years from 2023 to year end 31 December 2024.

EY was only reappointed as auditor of Shell last December after having won a competitive tender for the £55m global audit business from its position as the incumbent. This was after EY had been statutory auditor for eight years already, having first been hired in 2016.

Now EY has breached not only US listing rules, but also the UK Ethical Standard for Auditors.