FRC extends probe into Carillion audit of financial statements

In an update to its investigation into failed outsourcer Carillion, the Financial Reporting Council (FRC) has revealed it has extended the scope of its probe into the preparation, approval and audit of the company’s financial statements to include certain matters relating to the financial statements for the year ended 31 December 2013

In January 2018 the regulator announced an investigation into KPMG’s audit of the financial statements of Carillion for the years ended 31 December 2014, 2015 and 2016, and additional audit work carried out during 2017.

The FRC also announced in March 2018, an investigation into the conduct of Richard Adam and Zafar Khan, former group finance directors of Carillion, in relation to the preparation and approval of the financial statements of Carillion plc for the years ended 31 December 2014, 2015 and 2016, and the six months ended 30 June 2017, and the preparation and reporting of other financial information during the period 2014-2017.

Report by Pat Sweet

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