• Register
Return to: Home > News > Professional Bodies > 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

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    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.