Financial RepCouncil - FRC investigation
Investigation into the preparation and approval of the financial statements of
The FRC announced an investigation under the Audit Enforcement Procedure into the audit of the financial statements of Carillion by KPMG on
The investigations will be undertaken by the FRC's Executive Counsel and Enforcement Division as quickly and thoroughly as possible.
The FRC is liaising closely with the Official Receiver, the
Notes to editors:
2. In relation to enforcement matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Accountancy Scheme are:
· Decision to investigate
· Decision whether to bring enforcement proceedings against Member Firm or Member and, if so decided, referral to
· Tribunal hearing
· Determination and imposition of sanction and/or costs orders
Under the Accountancy Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.
The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.
Investigations are conducted by Executive Counsel and the Enforcement Division.
3. All Press enquiries should be directed to:
· Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: [email protected].
· Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: [email protected].
· Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: [email protected].
This information is provided by RNS
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