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U.K. probes KPMG for Rolls-Royce audits

Jaclyn Jaeger | May 8, 2017

The United Kingdom’s independent accounting regulator said it has commenced an investigation into the conduct of KPMG for audits it performed on Rolls-Royce.

The U.K. Financial Reporting Council said it has commenced an investigation under the Audit Enforcement Procedure relating to the audit of the financial statements of Rolls-Royce Group for the year ended 31 December 2010 and of Rolls-Royce Holdings for the years ended 31 December 2011 to 31 December 2013.

To meet its responsibility as the U.K. competent authority in respect of audit enforcement, the FRC operates the Audit Enforcement Procedure. This procedure applies to the investigation and sanctioning of breaches of the various requirements of the statutory auditors of Public Interest Entities (PIEs) and any other cases retained by the FRC.

The stages of the Audit...

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