FRC launches probe into MacIntyre Hudson’s 2022 audit of collapsed LSG
By 
Jeff Dale2025-03-18T16:37:00
The U.K. Financial Reporting Council (FRC) has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
The FRC said in a press release Tuesday the probe centers around the firm’s consolidated financial statements for the year ended December 31, 2022. In September, the U.K. Insolvency Service announced a group of eight ISG companies entered administration. At the time, ISG was one of the biggest construction companies in the U.K. with responsibility for more than 1 billion pounds of government contracts.
The firm’s 2022 annual report revealed a narrow margin for error though, with a total revenue of nearly 2.2 billion pounds and pre-tax profit of £11.5 million. A good portion of its profits were spent on executive bonuses, including £2.5 million for a top director (likely the CEO).
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