BusinessCompany NewsFRC to investigate Rover

FRC to investigate Rover

Sticken car company's accounts will be looked into by accounting watchdog.

MG Rover is being investigated by the Financial Reporting Council, which will look into the accounts of the stricken car group, the government confirmed this weekend.

Link: 5,000 workers go as Rover is written off

The Financial Reporting Review Panel was tasked by Sir Bryan Nicholson, chairman of the FRC, to delve into MG Rover’s accounts after questions had been raised in the press.

The role of Deloitte, the car group’s auditor, may also come under the spotlight. According to Rover’s accounts, the Big Four firm earned £4.6m in 2002 and 2003 from Rover through audit fees, ‘other services’ and work carried out in connection with the acquisition of ‘Phoenix Venture Leasing 2 Limited’.

A Deloitte statement said: ‘We are comfortable that the opinions we gave relating to the financial statements of MG Rover were the right ones.’

Directors’ remuneration, other benefits and ‘trust contributions’ at MG Rover reached almost £21m over the same two years.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor