The Financial Reporting Council (FRC) announced investigations into two of the big accountancy firms last week. The first was the investigation under the Accountancy Scheme into PwC’s auditing of the financial statements of BHS for the year ended 30 August 2014. The second, under the same scheme, is an investigation into KPMG’s audit of HBOS for the year ended 31 December 2007. These investigations were instituted by the FRC’s Conduct Committee following the completion of the Executive Counsel’s preliminary enquiries announced on 21 January 2016.
The KPMG investigation will examine whether KPMG, during its audit of HBOS:
- “considered the appropriateness of management’s use of the going...
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