Ofcom to investigate Royal Mail’s compliance with USP accounting and auditing requirements

UK communications industries regulator Ofcom has opened an investigation into Royal Mail’s compliance with USP accounting and auditing regulations. In more specific terms, Ofcom will consider: “Whether Royal Mail has complied with its obligations under USP Accounting Condition (“USPAC”) 1.3.4, 1.4.4 and 1.5.5 and the Regulatory Accounting Guidelines (“RAG”) to secure an appropriate audit opinion in respect of the relevant regulatory financial statements for the years 2013/14 and 2014/15.”

Click here to view the full Ofcom notice.

The case, which is an Ofcom own-initiative investigation, was opened yesterday (4 November).