For the second time in as many days, the Financial Reporting Council (FRC) launched an investigation into Grant Thornton UK.

This time the FRC will look into the firm’s role as auditor of interest rate swap arrangements, relating to the Manchester Building Society, which gave rise to a prior period adjustment in the financial statement of December 2012.

The FRC said in a statement that the investigation was initiated following information received from the Prudencial Regulation Authority and after consultation with the ICAEW.

Grant Thornton UK said in a statement: "The FRC and Grant Thornton have a common interest in promoting good corporate governance and reporting standards and as such we alerted the FSA as soon as we became aware of a potential issue. We shall, of course, fully cooperate with any investigation. As a firm, we continue to strive to deliver quality work for our clients."

Earlier this week the FRC said it is to investigate Grant Thornton UK’s in connection to drinks maker Nichols.


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FRC investigates Grant Thornton UK