British accounting watchdog to investigate KPMG’s audits of Carillion

British accounting watchdog to investigate KPMG's audits of Carillion

2018-01-29 07:23:10

LONDON (Reuters) – Britain’s Financial Reporting Council (FRC) watchdog said on Monday it had opened an investigation into KPMG’s audit of the now-collapsed Carillion, covering the years 2014 to 2017.

Britain’s Business department had already asked the FRC to examine the preparation of Carillion’s accounts past and present, as well as the company’s auditors.

On Monday the watchdog said it would look at issues such as how the auditors recognized revenue on significant contracts and accounted for pensions.

Reporting by Kate Holton; editing by Guy Faulconbridge

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