• Register
Return to: Home > News > Big Four > News brief: FRC launches investigation into KPMG’s audit for Rolls Royce

News brief: FRC launches investigation into KPMG’s audit for Rolls Royce

The Financial Reporting Council (FRC) has begun an investigation into the conduct of KPMG regarding the audit of Rolls Royce’s financial statements.

The investigation for the audit of Rolls Royce group is for the year end 31 December 2010 and of Rolls Royce Holdings plc for the years ended 31 December 2011 to 31 December 2013.

The investigation is being conducted under the Audit Enforcement Procedure following an announcement in January of a Deferred Prosecution Agreement (DPA) between the SFO and Rolls-Royce PLC regarding offences including conspiracy to corrupt and a failure to prevent bribery.

Responding to the FRC’s announcement KPMG stated: “It is important that regulators acting in the public interest should review high profile issues.  We will co-operate fully with the FRC’s investigation, which follows the SFO’s investigations into Rolls-Royce. We are confident in the quality of all the audit work we have completed for Rolls-Royce, including the 2010-2013 period the FRC is considering.”

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.