KPMG in the crosshairs of audit investigation
KPMG faces a potential investigation following the UK Financial Reporting Council's (FRC’s) decision to undertake preliminary inquiries into the firm's auditing role in the case of the now-collapsed UK bank HBOS.
The FRC announced via a statement that the body’s conduct committee has asked the FRC executive counsel to undertake preliminary inquiries under the Accountancy Scheme, which is “the disciplinary scheme for members and member firms of the accounting profession where matters involve important issues affecting the public interest in the UK”.
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