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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.”

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