<div id="readability-page-1"><div> Britain's Financial Reporting Council (FRC) said on Monday it had opened an investigation into Ernst &amp; Young's audit of Shell's 2024 financial statements over potential breaches of audit partner rotation rules.In July, Shell said it would update its 2023 and 2024 annual reports due to EY's non-compliance with the U.S. Securities and Exchange Commission's audit partner rotation rules, while keeping the financial statements unchanged.The FRC's Conduct Committee made the decision to open the investigation on October 21, and the probe will be conducted by the regulator's Enforcement Division under the Audit Enforcement Procedure.Shell and EY did not immediately respond to a Reuters request for comment.</div></div>

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The UK's Financial Reporting Council (FRC) is investigating Ernst & Young's audit of Shell's 2024 financial statements for potential breaches of audit partner rotation rules. Shell plans to update its 2023 and 2024 reports due to EY's non-compliance with SEC rules, but financial statements remain unchanged. The investigation was initiated by the FRC's Conduct Committee on October 21 and will be conducted by the Enforcement Division.

UK watchdog probes EY's audit of Shell over rule violation