PracticeAccounting FirmsFRC closes investigation into KPMG BAE audit

FRC closes investigation into KPMG BAE audit

FRC closes investigation because no realistic prospect that a tribunal will make an adverse finding to undertaken so long ago

FRC closes investigation into KPMG BAE audit

THE UK ACCOUNTING WATCHDOG has closed its investigation into the conduct of KPMG as auditors of BAE.

In 2010, the FRC’s Accountancy and Actuarial Discipline Board launched an investigation into the audits professional services advice provided by KPMG to British Aerospace/BAE Systems Group and subsidiaries in the period 1997 to 2007.

The FRC said that it had given up the investigation because it would need to investigate audit work undertaken in earlier years.

“There is no realistic prospect that a Tribunal will make an adverse finding in respect of a complaint relating to work done so long ago,” the FRC said in a statement.

The investigation focused on commissions paid by BAE to third parties and followed a bribery investigation US and UK authorities. In February 2010, BAE paid fines totalling £285m to settle for false accounting and a failure to keep reasonably accurate accounting records, to settle corruption allegations against the business.

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

3d Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

1m Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
FRC launches investigation into PwC over BT audits

Accounting Firms FRC launches investigation into PwC over BT audits

4m Alia Shoaib, Reporter
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

2m Alia Shoaib, Reporter
Partner joins BDO from KPMG

Accounting Firms Partner joins BDO from KPMG

2m Alia Shoaib, Reporter
BDO overtakes KPMG to take top spot in AIM auditor rankings

Accounting Firms BDO overtakes KPMG to take top spot in AIM auditor rankings

3m Alia Shoaib, Reporter